OPEC+ nations, including Saudi Arabia, Russia, Iraq, and the UAE, have agreed to boost oil production by 411,000 barrels per day (bpd) in July. This marks their third consecutive monthly hike, part of a broader strategy to reclaim market share and enforce compliance among members. The group aims to gradually unwind 2.2 million bpd of voluntary cuts by April 2025, with 62% of that target already achieved since April.
🔍 Analysts say the move reflects OPEC+’s focus on volume over price, as global crude prices recently hit four-year lows below $60 per barrel. "Market share is on top of the agenda," said Onyx Capital Group analyst Harry Tchilinguirian. "If price won’t get you revenues, volume might."
⚡ The decision comes amid low oil inventories and a steady economic outlook, but it’s putting the squeeze on producers worldwide—especially US shale companies. Rising costs and falling prices, partly linked to US tariff policies, have left many shale producers needing at least $65 per barrel to turn a profit, according to a Dallas Fed survey.
🌐 With OPEC+ controlling half the world’s oil supply, this production surge could reshape energy markets and intensify competition. Will prices drop further, or will demand catch up? Stay tuned for the next chapter in this high-stakes energy drama.
