OPEC highlighted in its July report that the global economy could improve in the second half of 2025, maintaining its oil demand growth projections for both 2025 and 2026. It noted a strong increase in crude processing at refineries due to high summer fuel demand, with a rise of 2.1 million barrels per day in June. In response, OPEC+ agreed to increase production in August by 548,000 barrels per day to regain market share. The organization extracted nearly 41.6 million bpd in June.