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."
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Several avalanches struck northern Italy on Saturday, killing at least three people, as rescue officials warned the death toll could rise with unstable conditions persisting across the Alps.
U.S. President Donald Trump’s Middle East envoy Steve Witkoff and Trump’s son-in-law Jared Kushner visited the USS Abraham Lincoln aircraft carrier in the Arabian Sea on Saturday after completing a round of talks with Iran.
Russian forces attacked Ukraine’s energy infrastructure overnight on Saturday, marking the second such strike in less than a week, according to Ukrainian authorities.
Swiss skier Franjo von Allmen and Norway’s Anna Odine Stroem claimed gold medals on Saturday, marking standout performances on the first full day of competition at the Milano Cortina 2026 Winter Olympics.
Storm Leonardo hit Spain and Portugal on Tuesday, forcing more than 11,000 people from their homes, as a man in Portugal died after his car was swept away by floodwaters and a second body was found in Malaga.
Winter weather has brought air travel in the German capital to a complete halt, stranding thousands of passengers as severe icing conditions make runways and aircraft unsafe for operation and force authorities to shut down one of Europe’s key transport hubs.
An attacker opened fire at the gates of a Shiite Muslim mosque in Islamabad on Friday before detonating a suicide bomb that killed at least 31 people in the deadliest assault of its kind in the capital in more than a decade.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 6th of February, covering the latest developments you need to know.
France’s “absolute priority” remains the fight against the Islamic State (IS) group, Foreign Minister Jean-Noël Barrot said on Thursday (5 February) during talks with his Syrian counterpart in Damascus, as Paris reassesses its counter-terrorism strategy.
Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Wall Street ended sharply lower on Tuesday as investors worried about artificial intelligence (AI) creating more competition for software makers, keeping them on edge ahead of quarterly reports from Alphabet and Amazon later this week.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
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