MON SEPT 08 2025-theGBJournal| Eight members of OPEC+ meeting virtually on Sunday, agreed to raise production further from October but at a slower pace, reflecting expectations of weaker global demand.
The eight participating countries, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.
OPEC+ say this adjustment will be implemented in October 2025, and added that the ”1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.”
The output boost follows leader Saudi Arabia’s push to fast-track the group’s next oil production increase, moving up a supply hike originally scheduled for late 2026.
Both benchmarks had fallen more than 3% last week, including a 2% drop on Friday following a weak U.S. jobs report that dampened the outlook for energy demand.
The market had also been pressured by a surprise build in U.S. crude inventories. Data from the U.S. Energy Information Administration (EIA) showed crude stocks rose by 2.4 million barrels in the week ending August 29, compared with expectations of a 2-million-barrel draw.
OPEC+ members, including Russia, have already agreed to boost output by about 2.2 million barrels per day between April and September, alongside an additional 300,000 bpd quota increase for the United Arab Emirates.
The Eight members of the group are expected to weigh further hikes at their October meeting.
Analysts say such a move would underscore OPEC+’s focus on regaining market share, even at the expense of price support.
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