Last Saturday, OPEC+ concluded at its global headquarters for oil diplomacy that the world would need slightly more crude starting in August. The group of oil-exporting countries agreed to lift crude production by 548,000 barrels per day. 

This move marks another step in the alliance's cautious plan to return to pre-cut production levels. Eight seasoned oil producers, including Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Oman, Iraq, Kazakhstan, and Algeria, will gradually increase their output. Since April, these nations have been slowly rolling back their previous reduction of 2.2 million barrels per day. 

OPEC+ cites economic stability, improving market indicators, and shrinking oil inventories. In short, the backdrop is becoming favorable, with momentum building and global trends finally tilting in oil's favor.

The decision-making gained pace after some members overshot their production targets. This sparked a ripple of activity within the cartel as no one wants to miss their slice of the pie. So, production bumps were spread across the board, just enough to keep markets lively and partners aligned.