OPEC+ performs a significant increase in oil output in the market share

By Olesya Astakhova, Ahmad Ghaddar and Alex Lawler

London (Reuters) -OPEC+ on Sunday agreed to raise oil production by 547,000 barrels per day in September, which is the latest in a series of accelerated increases in production to restore its share in the market, as it relates to possible breakdowns in the supply associated with Russia.

This step represents a complete and early reflection of the largest OPEC+production discounts in addition to a separate production increase for the United Arab Emirates, which reaches about 2.5 million barrels per day, or about 2.4 % of demand for the world.

Eight OPEC+ members held a brief virtual meeting, amid increased pressure in the United States on India to stop the purchases of Russian oil – part of Washington’s efforts to bring Moscow to the negotiating table for a peace agreement with Ukraine. President Donald Trump said he wanted this by August 8.

In a statement after the meeting, Opec+ was martyred with a health economy and low shares as reasons behind its decision.

Oil prices remained high even with OPEC+, with Brent raw closed near $ 70 a barrel on Friday, an increase of the lowest level in 2025 at about $ 58 in April, with support from the rise in seasonal demand.

Amanta Sen, the co -founder of the energy aspects, said, adding that the market structure also indicates that strong oil prices are somewhat at about 70 dollars, it gives OPEC+ some confidence about the basics of the market, “adding that the market structure also indicates narrow stocks.

The eight countries are scheduled to meet again on September 7, when they may consider returning another layer of reductions in production with a total of about 1.65 million barrels per day. These cuts are currently present until the end of next year.

The full Opec+ includes 10 unorganized countries, most notably Russia and Kazakhstan.

The group, which pumped about half of the world oil, was underestimating production for several years to support oil prices. This year, the path this year was reflected in an attempt to restore its share in the market, partly driven by Trump’s calls to OPEC to increase production.

The eight began to increase production in April with a modest increase of 138,000 barrels per day, followed by a greater increase in the scheme of 411,000 barrels in May, June and July, 548,000 barrels in August and now 547,000 barrels per day for the month of September.

“So far, the market has also been able to absorb these additional barrels due to the storage activity in China,” said Giovanni Stonovo of UBS. “All eyes will now turn into Trump’s decision on Russia on Friday.”

In addition to the volunteer reduction of about 1.65 million barrels per day from the eight organs, OPEC+ still has the amount of 2 million barrels per day, which also ends at the end of 2026.

“OPEC+ passed the first test,” said Jorge Leon of Risad Energy and a former OPEC official, as it reflected the largest reduction without the failure of the prices.

“But the next task will be more difficult: Determine whether the remaining 1.66 million barrels are relaxed, all while moving into geopolitical tension and maintaining cohesion.”

(Participated in the coverage, Aylesia Astikova, Ahmed Ghadar, Alex Luller and Dmitry Todanikov; Edit by Toby Chopra and Clalle Ozil)