The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on 3 August to raise crude-oil output by roughly 547,000 barrels a day in September. The decision, reached during a brief virtual meeting of eight producers led by Saudi Arabia and Russia, completes the early unwinding of the group’s 2.2 million-barrel-per-day voluntary cuts that began in November 2023 and were originally scheduled to run until 2026. In a statement, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman cited a “steady global economic outlook” and “low oil inventories” for accelerating the supply restoration. The bloc left itself room to pause or reverse the increase if market conditions deteriorate and set 7 September as the date of its next review, when it will also consider whether to release an additional 1.66 million barrels a day still being withheld under earlier agreements. Oil prices eased after the announcement, with Brent crude slipping below $70 a barrel to about $69.27 and U.S. West Texas Intermediate trading near $66.96. Goldman Sachs kept its Brent forecast at $64 for the fourth quarter of 2025 and $56 for 2026, arguing that rising OECD stockpiles and softening economic indicators could limit further OPEC+ hikes. Analysts said the group’s strategy now hinges on balancing market-share gains against the risk of oversupplying a weakening demand backdrop.