Eight OPEC+ countries agreed on Sunday to raise oil output in September by 547,000 barrels per day (bpd) from the August 2025 required production level, the group said in a statement, marking another large hike.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and key allies like Russia, began output cuts in 2022 in an effort to prop up prices.
But in a policy shift, eight alliance members, spearheaded by Saudi Arabia, surprised the markets by announcing they would significantly raise production from May, sending oil prices plummeting.
Since then, the group has been announcing monthly updates on the hike in production.
"The eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025 from the August 2025 required production level," read the statement agreed by Saudi Arabia, Russia, Iraq, United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria and Oman.
A decision on the update hike was reached in a virtual meeting, attended by the aforementioned states.
In a statement following the meeting, the group cited a healthy economy and low stocks as reasons behind its decision.
Eight OPEC+ members 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 and 548,000 bpd in August.
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.
In the statement on Sunday, the eight OPEC+ countries "also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation."
