The announcement has already begun to affect oil futures.
The group of major oil-producing countries plans to add 548,000 barrels per day (bpd) to the global supply beginning in August 2025. The decision comes in response to growing concerns over volatile energy markets and rising fuel costs in both developed and developing economies. Officials say the move aims to stabilize prices and ensure steady supply amid fluctuating global demand.
Oil prices dipped slightly following the news, signaling market confidence that additional supply could help curb inflationary pressures. Analysts suggest the increase is modest but significant, especially after several months of conservative production quotas. Countries like Saudi Arabia and the UAE are expected to lead the boost, while others with limited capacity may contribute smaller volumes.
Energy ministers across the bloc emphasized that the plan is flexible and may be adjusted based on market conditions.
