OPEC+ has approved an increase in oil production by approximately 547,000 to 548,000 barrels per day starting in September 2025. This decision marks the continuation of a series of monthly output hikes aimed at reversing the 2.2 million barrels per day in production cuts implemented since 2023. The alliance, led by Saudi Arabia and Russia, seeks to regain market share amid high prices and low stock levels. The move follows a similar increase of 548,000 barrels per day in August. Kuwait's Oil Minister highlighted that OPEC is closely monitoring market conditions, supply and demand dynamics, and remarks from U.S. President Donald Trump concerning Russian oil. The minister also predicted that oil prices would remain below $72 per barrel, noting the market remains healthy with moderately increasing demand. Following the announcement, oil prices declined, with Brent crude settling at $66.43 per barrel and West Texas Intermediate (WTI) at $63.88 per barrel. Additionally, OPEC's oil output rose by 270,000 barrels per day in July, reaching 27.38 million barrels per day according to a recent survey.