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OPEC+ speeds up oil output hikes, adds 548,000 barrels per day in August
Business World Philippines
|July 07, 2025
OPEC+ agreed on Saturday to raise production by 548,000 barrels per day (bpd) in August, further accelerating output increases at its first meeting since oil prices jumped — and then retreated — following Israeli and US attacks on Iran.
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The group, which pumps about half of the world’s oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as US President Donald J. Trump demanded the group pump more to help keep gasoline prices lower.
This story is from the July 07, 2025 edition of Business World Philippines.
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