August 4, 2025

Eight key OPEC+ producers, including Saudi Arabia and Russia, will raise oil output by 547,000 barrels per day starting September 2025. The group, dubbed the "Voluntary Eight" (V8), aims to recapture market share without destabilizing prices, which remain around $70 per barrel.

Analysts say the hike — about 1.5% of V8’s current production — is unlikely to trigger major price shifts due to steady demand and geopolitical risks. The move marks the final phase of unwinding 2.2 million bpd of earlier cuts ahead of schedule.

OPEC+ reaffirmed commitment to market stability, adding that future adjustments could pause or reverse based on evolving conditions. The V8 will meet again on September 7, while the full OPEC+ bloc convenes in November.