OPEC+ will increase oil production by 547,000 barrels per day in September after eight members of the organisation held a brief virtual meeting on Sunday. They said the company will continue to accelerate its output hikes to regain market share.
The decision comes amid growing concerns about supply disruptions linked to Russia.
This move fully reverses the group’s largest previous output cuts and adds to a separate increase from the United Arab Emirates, together totaling about 2.5 million barrels per day, roughly 2.4% of global demand.
The decision comes during intensified U.S. efforts to pressure India into stopping Russian oil imports, part of Washington’s strategy to push Moscow toward peace talks over Ukraine, with President Donald Trump aiming for progress by 8 August.
OPEC+ cited strong economic conditions and low inventory levels as key reasons for boosting supply. Despite increased production, oil prices remain high, with Brent crude closing near $70 a barrel on Friday, up from a low of about $58 in April. Rising seasonal demand also supports prices.
Energy analyst Amrita Sen said strong prices and tight supplies have boosted OPEC+’s confidence in raising output. The group will meet again on 7 September to possibly revisit 1.65 million bpd in cuts set to last through 2026.
UBS’s Giovanni Staunovo highlighted that markets have absorbed the increased supply well, partly due to stockpiling in China.
"So far the market has been able to absorb very well those additional barrels also due to stockpiliing activity in China," said Giovanni Staunovo of UBS. "All eyes will now shift on the Trump decision on Russia this Friday."
In addition to the voluntary 1.65 million bpd cut by the eight members, OPEC+ maintains a 2 million bpd cut across all members, which expires at the end of 2026.
Former OPEC official Jorge Leon praised the coalition for fully reversing its largest cut without causing price crashes but cautioned that managing the remaining cuts.
"But the next task will be even harder; deciding if and when to unwind the remaining 1.66 million barrels, all while navigating geopolitical tension and preserving cohesion."
Wildfires have swept through Chile’s Bio Bio and Ñuble regions, killing at least 16 people and forcing tens of thousands to evacuate....
The European Union faced calls to implement a range of economic countermeasures in response to U.S. President Donald Trump’s plans to impose tariffs...
A new agreement between Damascus and the Kurdish-led Syrian Democratic Forces is set to reshape power arrangements in northeastern Syria....
Media accreditation has opened for the 13th session of the World Urban Forum, the United Nations’ flagship conference on sustainable urban developme...
President of Azerbaijan Ilham Aliyev visited the Alley of Martyrs to honour the memory of those killed on 20 January....
The European Union faced calls to implement a range of economic countermeasures in response to U.S. President Donald Trump’s plans to impose tariffs on eight European countries in connection with Greenland.
Speaking on the Armenian public radio on 9 January, Armenia’s Minister of Economy Gevorg Papoyan made some important announcements for 2026. . He said that Yerevan is currently discussing with Baku the range of products it can potentially export to Azerbaijan.
Fears of the end of the West, to paraphrase Mark Twain, may be premature. But they might not be premature for long.
Syrian President Ahmed al-Sharaa has signed a decree recognising Kurdish language rights, as government forces advanced against U.S.-backed Kurdish-led fighters despite U.S. calls for restraint.
Italian Prime Minister Giorgia Meloni said on Saturday (17 January) that concerns over security in Greenland should be addressed within the framework of NATO, describing a ground military intervention as highly unlikely.
Ashley St. Clair, mother of one of Elon Musk’s children, has filed a lawsuit against Musk’s company xAI, alleging that its AI tool Grok generated explicit images of her, including one portraying her as underage.
Egypt and Sudan have welcomed an offer by U.S. President Donald Trump to restart mediation with Ethiopia in a bid to resolve the long-running dispute over Nile River water sharing.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
Poland plans to expand its armed forces to 500,000 by 2039, including 300,000 active-duty troops and 200,000 reservists, officials said Friday. The enlarged force would feature a new high-readiness reserve unit.
Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that the companies profited unfairly from his early support of the artificial intelligence firm, according to a court filing made public on Friday.
The UK economy grew more strongly than expected in November, according to official figures, offering signs of resilience after months of weak performance.
China recorded the world’s largest-ever trade surplus in 2025, reaching $1.2 trillion as exporters shifted focus away from the U.S. amid ongoing trade tensions.
A coalition of women’s rights organisations, technology watchdogs and progressive campaigners is urging Apple and Google, owned by Alphabet, to remove the social media platform X and its associated chatbot, Grok, from their app stores.
Boeing booked more aircraft orders than Airbus in 2025 for the first time since 2018, official figures showed, even as the European manufacturer delivered more planes during the year.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment