OPEC to ramp up oil output in September

OPEC agreed to boost oil production by 547,000 barrels/day in September, continuing a string of accelerated output hikes aimed at reclaiming market share. The move completes an early reversal of the group’s largest production cut and includes an additional boost for the United Arab Emirates, totaling about 2.5 million barrels/day, or roughly 2.4% of global demand. The decision comes as the US increases pressure on India to halt Russian oil imports, with President Donald Trump signaling he wants progress on a Ukraine peace deal by August 8.

Brent crude has held firm near $70/barrel recently, up from April’s 2025 low of about $58/barrel, supported by seasonal demand and tight inventories. OPEC said in its post-meeting statement that low stock levels and a resilient global economy justified the increase.

Analysts said the market has so far absorbed the extra barrels, helped by Chinese stockpiling, and the group is confident in market fundamentals despite ongoing geopolitical tensions. The eight OPEC will reconvene on September 7 to discuss whether to unwind another 1.65 million barrels/day of voluntary cuts, currently in place through the end of next year.