Eight members of the OPEC+ alliance agreed on Sunday to raise their collective oil production ceiling by 548,000 barrels a day in September, completing the rollback of the 2.2-million-barrel-a-day voluntary cuts they introduced in 2023. The move, endorsed during a 16-minute virtual session, takes group output quotas to their highest level in two years. In a statement, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman said the decision reflects "healthy market fundamentals," low global inventories and a steady economic outlook. The alliance kept the option to pause or reverse the increase if market conditions deteriorate. The latest step accelerates an unwinding plan that was originally slated to run over 18 months; about 2.5 million barrels a day of supply has now been restored since April, including a 300,000-barrel-a-day baseline boost for the UAE. The producers will hold monthly reviews, with the next meeting set for 7 September. Delegates said ministers will then consider whether to release an additional 1.66 million barrels a day by the end of December and will assess compliance with output targets to offset any overproduction amassed since January 2024.