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OPEC+ Plans 548,000 BPD Increase Amid Stable Oil Prices

7/29/2025

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Summary

OPEC+ Reaffirms Production

OPEC+ reaffirmed commitment to oil production agreements during the July 28 JMMC meeting.
Nations that fell short must provide revised compensation plans by August 18.
A production increase of 548,000 bpd is planned for August, possibly repeating in September.
Oil prices are stable above $70 a barrel, despite varied production among members.
The next JMMC meeting is set for October 1.

Summary

Oil Prices Surge

Oil prices surged over 2.5%, with Brent at $69.45 and WTI at $66.86 per barrel.
A U.S.-EU trade deal imposes a 15% tariff on EU exports and commits to $250 billion in U.S. energy imports over three years.
U.S. crude production hit a record 13.47 million bpd, raising surplus concerns despite OPEC+ output increases.
Gas prices rose slightly to an average of $3.10 per gallon due to higher oil prices and easing trade tensions.
OPEC+ will review market conditions on August 3, amid worries about potential Russian supply disruptions.

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OPEC+ Reaffirms Production

OPEC+ reaffirmed commitment to oil production agreements during the July 28 JMMC meeting.
Nations that fell short must provide revised compensation plans by August 18.
A production increase of 548,000 bpd is planned for August, possibly repeating in September.
Oil prices are stable above $70 a barrel, despite varied production among members.
The next JMMC meeting is set for October 1.

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