OPEC+ has agreed in principle to increase oil production by approximately 547,000 to 548,000 barrels per day starting in September 2025. This decision involves eight member countries within the group, including key producers such as Saudi Arabia and Russia. The increase marks a continuation of the group's efforts to unwind production cuts implemented since 2023, totaling around 2.2 million barrels per day, with about 1.66 million barrels per day in cuts still suspended. The September hike follows a similar increase of 548,000 barrels per day approved for August. The move aims to regain market share amid high oil prices and low stock levels, though it has raised concerns about potential oversupply in the market later this year. Oil prices responded to the announcement with declines, with Brent crude near $69 per barrel and WTI around $67. The next OPEC+ meeting is scheduled for September 7, where further adjustments to production cuts may be discussed. Kuwait's oil minister praised the decision, emphasizing strong coordination among members to stabilize markets.