OPEC+ agreed on Saturday to increase its production by 548,000 barrels per day as early as August, intensifying the pace of its increases at its first meeting since oil prices soared - and then fell - in oil prices following Israeli and American attacks on oil. 39; Iran.

The group, which produces around half of the world's oil, has cut production since 2022 to support the market. But it reversed the trend this year to regain market share, as US President Donald Trump required the group to pump more to help keep gas prices low

The increase in production will come from eight members of the group: Saudi Arabia, Russia, Russia, the United Arab Emirates, Kuwait, Oman, Iraq, Kazakhstan, and Algeria. These eight countries started to cut their latest round of cuts by 2.2 million barrels per day in April

The increase in August represents a jump from the monthly increases of 41,000 bbl/d that OPEC+ approved for May, June and July, and 138,000 bbl/d in April.

OPEC+ cited a stable global economic outlook and healthy market fundamentals, including low oil inventories, as reasons why it released more oil.

The acceleration came after some OPEC+ members, such as Kazakhstan and Iraq, produced above their targets, angering other members who stuck to the cuts, sources said.

OPEC+ is expected to accelerate its oil production again on Saturday, sources say.