OPEC+ to boost oil output from October
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The news: The Organization of the Petroleum Exporting Countries and its partners (OPEC+) agreed to ramp up oil output from October, despite deeper concerns of a looming supply glut.
The numbers: In an online meeting on Sunday, eight OPEC+ members said they will boost production by 137,000 barrels per day from October. The increase is the first parcel of the 1.65 million barrels per day tranche of 2023 cuts to be unwound. The alliance had been expected to hold supply steady until the end of 2026.
In recent months, the cartel revived 2.2 million barrels of halted production one year ahead of schedule as the countries seek to reclaim market share and despite widespread concerns of a looming glut.
Brent crude was trading around USD65 ($98.7) a barrel at last week’s close, on growing concerns of a potential OPEC+ supply increase and an unexpected buildup in weekly US crude inventories.
Brent crude and West Texas Intermediate have both fallen by more than 10% during 2025.
The context: The eight OPEC+ countries, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, said in a statement that they will continue to closely monitor and assess market conditions. They “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to pause or reverse” the previously agreed voluntary adjustments.
The group said it will review market conditions, conformity and compensation on a monthly basis, with its next meeting set for 5 October.
The sources: OPEC+ statement, Bloomberg, WSJ, Reuters
