Wedoany.com Report-Aug. 4, On Sunday, August 3, 2025, a group of eight OPEC+ member countries convened virtually and agreed to increase oil production by 547,000 barrels per day starting in September 2025. The participating nations—Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—aim to adjust global oil supply in response to stable market conditions. This decision follows a similar production increase of 548,000 barrels per day implemented in August 2025.

FILE -The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022.

These countries have been gradually phasing out voluntary production cuts initiated in November 2023, originally set to continue until September 2026. The latest announcement indicates that these reductions will conclude earlier than planned. The adjustment reflects the group’s assessment of a steady global economic outlook and low oil inventories, signaling confidence in current market stability.

"The eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from August 2025 required production level," OPEC stated in a news release. The organization emphasized that these production changes remain flexible and may be paused or reversed based on evolving market dynamics.

The production increase could influence oil and gasoline prices, potentially leading to a decrease if supply outpaces demand. Brent crude, a key global benchmark, has been trading around $70 per barrel, supported by strong summer demand and balanced inventories. The decision aligns with the group’s strategy to maintain market equilibrium while responding to global energy needs.

The eight nations, which collectively produce approximately 41–42 million barrels per day, represent a significant portion of OPEC+ output. This latest adjustment, equivalent to about 1.5% of their current production, is part of a broader plan to phase out 2.2 million barrels per day of voluntary cuts initiated in 2023. The United Arab Emirates has also been granted an additional 300,000 barrels per day as part of this process.

OPEC+ underscored its commitment to monitoring market conditions closely, with the eight countries scheduling their next meeting for September 7, 2025, to review progress and assess further adjustments. This ongoing evaluation ensures that production levels remain aligned with global economic trends and energy demands, supporting stability in the oil market.

For additional details, interested parties can refer to OPEC’s official communications or contact the organization directly through its established channels.