Eight oil producing countries of OPEC+ Alliance agreed to increase their collective crude production per day to 548,000 barrels per day, as they continue to open a set of voluntary supply cuts.

This is the mastery of the coalition – including Algeria, Iraq, Kazakhstan, Kuwait, Oman and UAE with heavyweight producers Russia and Saudi Arabia, who met first digitally during the day. They were expected to increase their production from 411,000 barrels of small 411,000 barrels per day.

In a statement, the OPEC Secretariat attributed the decisions of the countries to increase the August daily production by the OPEC Secretariat “a stable global economic approach and the current healthy market responsible for the basic things, as reflected in low oil inventions.”

Eight manufacturers are applied to two sets of voluntary production cuts outside the formal policy of comprehensive OPEC+ alliance.

One, a total of 1.66 million barrels per day, remains effective by the end of next year.

As part of the second strategy, countries reduced their production from an additional 2.2 million barrels per day by the end of the first quarter.

They were initially ready to promote their production per day by September 2026 every month, but maintained that speed only in April. The group increased to 411,000 barrels per day each day in May, June and July – and intensified their growth speed in August.

Oil prices were recently promoted by seasonal summer spike in demand and The 12-day war between Israel and IranWho threatened both the supply of Tehran and expressed concern over the possible disruption of transport supply through the key Straight of Hormuz.

At the end of Friday season, oil futures settled on September $ 68.30 per barrel for September-up Brent Contract and front month-August at $ 66.50 per barrel for Nymex US West texas intermediate Crude.