📷 OPEC Oil Production Rises in June; August Output Set to Climb Further

In June, OPEC’s oil production increased by 270,000 barrels per day, reaching a total of 27.02 million bpd, driven mainly by Saudi Arabia and the UAE. However, Iraq cut its output below its quota to compensate for earlier overproduction—limiting the overall gain.

Looking ahead, OPEC+ is preparing for an even larger supply boost in August, planning to increase output by 548,000 bpd. This move is part of a strategic shift to regain market share following years of voluntary cuts.

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What This Means:

• Bullish for global supply—more oil now heading into the market.

• Potential pressure on prices, as inventories rebound.

• Iraq’s cut helps balance OPEC’s broader increase, showing that internal discipline is still in play.

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⚠️ Bottom Line for Traders:

Brent and WTI prices may remain under pressure if these supply trends continue. Keep an eye on August output details and Iraq’s production behavior—they could influence price stability or trigger a market rebound.