Azernews.Az

Qabil Ashirov

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In June, global oil supply experienced a notable rise, driven predominantly by Saudi Arabia’s substantial output increase, Azernews informs, citing the latest report from the International Energy Agency (IEA).

The report highlights that global oil production surged over the month, reaching new heights under Saudi leadership. The total daily output reflected a marked growth compared to previous periods, largely attributed to increased contributions from OPEC+ member countries.

The IEA’s analysis further indicates that OPEC+ is set to raise its production targets in August, anticipating continued growth in global oil supply throughout this year and into 2026. Meanwhile, non-OPEC+ countries are also expected to boost their production levels correspondingly.

Despite commitments by eight OPEC+ countries to voluntarily reduce oil production in July, these nations have agreed to increase output in August. This move aligns with a broader plan to incrementally raise production over the coming months, balancing market demands and supply stability.

These developments reflect ongoing efforts by key oil-producing nations to navigate the complexities of global energy markets, aiming to ensure a steady supply while responding to evolving economic and geopolitical factors.