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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."
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
Honduras has brought back mask mandates as COVID-19 cases and a new variant surge nationwide.
British American Tobacco is preparing to sell its first disposable vape in the U.S. reversing years of opposition to unauthorised devices amidst a booming $8 billion market for synthetic nicotine products.
Large investors, wary of September’s traditional seasonal downturns, moved to lock in profits on Tuesday, according to traders and research firms – a sign that the sell-off in technology shares may reflect a broader retreat from risk.
Pop Mart has posted stunning interim results for the first half of 2025, riding on the explosive popularity of its breakout character Labubu.
Estee Lauder (EL.N) said on Wednesday that its annual profit forecast has come in below Wall Street expectations, as the cosmetics giant continues to face weakness in the United States and China alongside uncertainty over tariffs.
The U.S. Commerce Department has expanded steel and aluminium tariffs on Tuesday, to include more than 400 products, aiming to protect domestic industries.
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