OPEC+ countries have reached a preliminary agreement to increase oil production by 548,000 barrels per day from September, according to insiders. The decision was made amid growing concerns about possible supply disruptions related to Russia.
Points of attention
- This shift in strategy by OPEC+ reflects a change in course from supporting oil prices to focusing on market share, partially due to pressures from the US.
- Experts believe that the planned increase in production could have significant implications for the global oil market and prices, shaping the future dynamics.
What did OPEC+ decide?
According to anonymous sources, the decision was made amid increasing US pressure on India to stop purchasing Russian oil.
If approved, the move would mean the complete end of the longest-running oil production cuts. OPEC+, which produces about half of the world's oil, has been cutting output for several years to support oil prices.
It is no secret that in 2025 it changed course, intending to regain market share, partly influenced by US leader Donald Trump's calls for OPEC to increase production.
Experts say if the group does approve an increase of 548,000 barrels per day next month, it would completely reverse the previous production cut of 2.2 million barrels per day, allowing the United Arab Emirates (UAE) to increase production by 300,000 barrels per day.
The group does not plan to discuss other tranches of cuts on Sunday, the statement said.
