Eight OPEC+ countries raise production by 547,000 bpd

The eight OPEC+ countries said Sunday they will increase production by 547,000 barrels a day in a move which analysts say aims to regain market share amid resilient crude prices.

Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman currently produce about 41-42 million barrels a day, so the increase is about 1.5 percent.

“The eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025 from August 2025 required production level,” said a statement released after a meeting that agreed the hike.

The eight key oil-producers, who started increasing production in April, affirmed their commitment to market stability on “current healthy oil market fundamentals,” an OPEC statement read.

The statement said the decision came “in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”

The OPEC+ countries agreed in December to start a gradual return from April 2025 of the 2.2 million barrels per day of previous production cuts.

The statement said that “the phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions.”

The eight added they will hold monthly meetings for a regular review of market conditions.