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OPEC+ makes another large oil output hike in market share push
Published by Global Banking & Finance Review®
Posted on August 3, 2025
3 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 3, 2025
3 min readLast updated: January 22, 2026
OPEC+ boosts oil production by 547,000 bpd for September to regain market share amid supply concerns, with potential future cuts discussed.
By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler
LONDON (Reuters) -OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.
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.
(Reporting by Olesya Astakhova, Ahmad Ghaddar, Alex Lawler and Dmitry Zhdannikov; editing by Toby Chopra and Clelia Oziel)
OPEC+ is a coalition of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing nations that collaborate to manage oil production and influence global oil prices.
Oil output cuts refer to a reduction in the amount of oil that countries agree to produce, aimed at stabilizing or increasing oil prices in the market.
Market share is the portion of a market controlled by a particular company or product, often expressed as a percentage of total sales in that market.
Brent crude is a major trading classification of crude oil originating from the North Sea, used as a benchmark for pricing oil globally.
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