Saudi Arabia, Russia and six other key members of the OPEC+ alliance, collectively known as the Voluntary Eight (V8), have agreed to increase oil production by 547,000 barrels per day (bpd) starting September 2025, a move seen as an attempt to regain market share amid resilient oil prices.As per news agency AFP, the decision was finalised after a meeting of the eight producers, Iraq, United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, Oman, along with the Saudis and Russians, who currently produce around 41-42 million bpd. The new hike represents an increase of about 1.5% in total output.The group had already begun rolling back output cuts in April, part of a wider plan to unwind the 2.2 million bpd production reduction announced last year. As per the post-meeting statement, “The eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025 from the August 2025 required production level.”OPEC added that the increase is being undertaken “in view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.” The group also left the door open to revisiting the decision, stating that “the phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions.”Analysts believe the hike is unlikely to cause significant price fluctuations. Brent crude is currently trading at around $70 per barrel. “OPEC+ has passed the first test, unwinding 2.2 million barrels per day without crashing prices or compromising unity,” Jorge Leon of Rystad Energy was quoted as saying by AFP.However, he warned that “the next task will be even harder: deciding if and when to unwind the remaining 1.66 million barrels, all while navigating geopolitical tension and preserving cohesion.”The latest move also includes a specific allotment of 300,000 bpd for the UAE, accelerating the timeline for production recovery by nearly a year from the initially planned 18-month schedule.Despite the shift towards higher output, OPEC+ continues to stress its commitment to stability. “The alliance is striving to find a balance between regaining market share and avoiding a sharp drop in oil prices,” said Tamas Varga of PVM Oil Associates, as per AFP.Experts are also wary of emerging uncertainties. According to AFP, analysts are closely watching potential risks from US President Donald Trump’s trade and geopolitical policies, including tariffs and the evolving situation in Ukraine.The V8 will next meet on September 7 to assess market conditions, while the full 22-member OPEC+ alliance will hold its ministerial meeting at the end of November to decide on the path forward.
