OPEC+ Set to Increase Oil Production by 548,000 Barrels in September

OPEC+ is expected to raise its oil output by 548,000 barrels per day (bpd) in September, according to sources familiar with ongoing discussions. This move marks a significant step toward fully reversing earlier production cuts that were put in place to stabilize oil prices during periods of weakened global demand.

The group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is finalizing the decision during a scheduled meeting. This increase comes as the alliance continues to scale back the largest portion of its earlier output reductions.

Over the past several months, OPEC+ has gradually increased oil production: by 138,000 bpd in April, and then by 411,000 bpd in May, June, and July. Another boost of 548,000 bpd followed in August. If the new September increase is approved, the alliance will have fully restored the 2.2 million bpd that it previously withheld from the market. This adjustment will also allow the United Arab Emirates to independently raise its output by an additional 300,000 bpd.

The decision is being made against the backdrop of heightened geopolitical tensions and shifting global energy strategies. The United States has been urging countries like India to reduce their reliance on Russian oil imports as part of wider efforts to pressure Russia into negotiating peace over the ongoing conflict in Ukraine. Meanwhile, new European Union sanctions have led Indian state-run refiners to reconsider their Russian crude purchases.

Although OPEC+ is unwinding some of its largest past cuts, it still maintains a separate voluntary reduction of around 1.65 million bpd from eight member countries, along with a broader 2 million bpd cut across all members. These voluntary cuts are expected to remain in place until the end of 2026.

Despite the ongoing adjustments, there are no current plans to discuss additional production cut agreements beyond what has already been scheduled.

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