The Russian government announced on Saturday that the recent decline in global oil inventories was a key factor behind the decision by OPEC+ members to increase oil production by 548,000 barrels per day starting in August 2025.
In an official statement, the government noted that the decision was made during a meeting of the OPEC+ alliance, which accounts for nearly half of global oil output. The move marks a continued shift in the group’s strategy, which has evolved since 2022 when it implemented production cuts to support market stability.
This production hike signals a strategic pivot by the alliance in 2025 as it aims to reclaim market share. The decision also comes amid growing political pressure from U.S. President Donald Trump, who has called for increased oil supplies to help curb rising gasoline prices in the United States.
The statement read: “Taking into account the positive outlook for the global economy and the current market conditions—particularly the decline in oil inventories—the eight OPEC+ member states have agreed to adjust production levels by 548,000 barrels per day in August 2025.”
According to market sources cited by Reuters, the alliance—which includes the Organization of the Petroleum Exporting Countries (OPEC) and allied producers led by Russia—is seeking to expand its market share in the face of rising output from competing producers, particularly the United States.
The next OPEC+ meeting is scheduled for August 3.
