OPEC+ to Increase Oil Production in September

Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, and the UAE, have agreed to increase oil production by 547Mb/d for September 2025. The decision follows a virtual meeting held on Aug. 3, 2025, to review global market conditions. This increase is part of a plan to gradually reverse 2.2MMb/d in voluntary adjustments that began in April 2025.

The group stated that the production adjustment for September is based on a steady global economic outlook and healthy market fundamentals, as reflected by low oil inventories. The participating countries noted that this measure also provides an opportunity to accelerate compensation for overproduced volume since January 2024. The group reiterated its commitment to market stability and full conformity with the Declaration of Cooperation. The gradual increases may be paused or reversed depending on evolving market conditions.

Following the announcement, oil prices dropped on Monday. Brent crude fell 2.2% to US$68.12/b, while WTI declined 2.5% to US$65.6/b. The output hike marks a reversal of a large tranche of OPEC's previous cuts, amounting to about 2.5MMb/d, or 2.4% of world demand.