Photograph: OPEC Photo Gallery
Guacamaya, August 4, 2025. The oil alliance, led by Saudi Arabia and Russia, decided to increase its supply by 547,000 barrels per day starting September 1, completing the restoration of 2.2 million barrels per day (bpd) that had been withdrawn from the market in 2023 in just six months.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+), headed by Saudi Arabia and Russia, approved a new crude production increase of 547,000 barrels per day (bpd) this Sunday, effective September. With this move, the coalition finalizes the reversal of the voluntary cuts of 2.2 million barrels per day (mbd) implemented in 2023, completing the process in half the time initially planned.
The adjustment, adopted during a virtual meeting attended by ministers from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, was made—according to the official statement—in response to “the stability of global economic prospects and strong market fundamentals, reflected in low oil inventories.”
Although the original plan envisioned returning the cut volumes to the market over 18 months, OPEC+ chose to accelerate the timeline, accepting the risk of lower prices. The strategy marks a shift toward recovering market share, in contrast to the previous policy of sustaining prices through prolonged cuts.
The impact on markets was immediate: Brent crude closed the last trading session of the week at $69.67 (-3.94%), while WTI fell to $67.33 (-2.79%). The expectation of increased supply adds to the downward pressure fueled by trade tensions stemming from U.S. President Donald Trump’s tariff policies and persistent doubts about fossil fuel demand.
Amid a backdrop of geopolitical conflicts and high price volatility, OPEC+ will meet again on September 7 to assess the need for further production adjustments.
