The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have agreed to increase oil production by 547,000 barrels per day (bpd) starting September.
The decision, made on Sunday during a brief virtual meeting of eight member states, marks a significant policy shift as the group moves to reclaim global market share in the face of potential supply disruptions tied to Russia.
The increase represents a full and early reversal of OPEC+’s most significant output cuts to date, along with a separate boost for the United Arab Emirates. In total, the adjustment amounts to around 2.5 million bpd, covering approximately 2.4% of global demand.
This latest development comes as the United States intensifies pressure on India to reduce its imports of Russian oil. The diplomatic effort is part of Washington’s broader strategy to push Russia towards a negotiated peace deal with Ukraine.
According to a Reuters report, former U.S. President Donald Trump has publicly stated he wants such a deal secured by August 8.
Analysts say the OPEC+ move could help stabilise oil markets in the short term, but geopolitical tensions continue to pose uncertainty for long-term energy security.
