OPEC+ makes another large oil output hike in market share push
The move marks a full and early reversal of OPEC+'s largest tranche of output cuts plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4% of world demand.
Eight OPEC+ members held a brief virtual meeting, amid increasing U.S. pressure on India to halt Russian oil purchases - part of Washington's efforts to bring Moscow to the negotiating table for a peace deal with Ukraine. President Donald Trump said he wants this by August 8.
In a statement following the meeting, the group cited a healthy economy and low stocks as reasons behind its decision.
The eight countries are scheduled to meet again on Sept. 7, when they may consider reinstating another layer of output cuts totalling around 1.65 million bpd, two OPEC+ sources said following Sunday's meeting. Those cuts are currently in place until the end of next year.
OPEC+ includes 10 non-OPEC oil producing countries, most notably Russia and Kazakhstan.
The group, which pumps about half of the world's oil, had been curtailing production for several years to support oil prices. It reversed course this year in a bid to regain market share, spurred in part by calls from U.S. President Donald Trump for OPEC to ramp up production.
The eight began raising output in April with a modest hike of 138,000 bpd, followed by larger-than-planned hikes of 411,000 bpd in May, June and July, 548,000 bpd in August and now 547,000 bpd for September.
Oil prices have nonetheless remained elevated with Brent crude closing near $70 a barrel on Friday, up from a 2025 low of near $58 in April, supported by part by rising seasonal demand.
As well as the voluntary cut of about 1.65 million bpd from the eight members, OPEC+ still has a 2-million-bpd cut across all members, which also expires at the end of 2026.
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