OPEC and its partners fast-tracked the end of their largest voluntary supply curbs, agreeing to lift production by a further 547,000 barrels a day in September. The move completes the early reversal of the 2.2-million-barrel-a-day cuts introduced by eight members in 2023 and, together with an earlier baseline adjustment for the United Arab Emirates, returns roughly 2.5 million barrels a day to the market within six months—three times faster than the timetable announced in March. Delegates said the alliance will consider restoring an additional 1.66 million barrels a day of withheld supply by December, but any decision will depend on demand and inventory trends. Ministers from the eight participating countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman—will meet again on 7 September and pledged to compensate for past overproduction while holding monthly reviews of market conditions. Oil prices fell after the announcement, with Brent futures sliding about 2 percent to $68.24 a barrel and West Texas Intermediate nearing $66.70. Goldman Sachs kept its 2026 Brent forecast unchanged at $56, arguing that rising OECD stockpiles will likely prompt OPEC+ to pause further increases. Analysts warned that the accelerated supply rebound could tip the market into surplus later this year unless global demand strengthens.
Petróleo Texas cae un 1,54% tras el nuevo acuerdo de aumento de producción de la OPEP+ https://t.co/vLOmA93iBe
Aumento de cuotas de producción de la Opep+ golpea precios del petróleo https://t.co/41hZVYP5XQ
Oil falls as OPEC+ output hike adds to oversupply concerns - https://t.co/niIBhydGSu via. @Reuters