wants this by August 8<\/a>.\n <\/p>\n\n In a statement following the meeting, OPEC+ cited a healthy economy and low stocks as reasons behind its decision.\n <\/p>\n
\n Oil prices have remained elevated even as OPEC+ has raised output, with Brent crude LCOc1 closing near $70 a barrel on Friday, up from a 2025 low of near $58 in April, supported in part by rising seasonal demand.\n <\/p>\n
\n \u201cGiven fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals,\u201d said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks.\n <\/p>\n
\n The eight countries are scheduled to meet again on Sept. 7, when they may consider reinstating another layer of output cuts totalling around 1.65 million bpd, two OPEC+ sources said following Sunday\u2019s meeting. Those cuts are currently in place until the end of next year.\n <\/p>\n
\n OPEC+ in full includes 10 non-OPEC oil producing countries, most notably Russia and Kazakhstan.\n <\/p>\n
\n The group, which pumps about half of the world\u2019s oil, had been curtailing production for several years to support oil prices. It reversed course this year in a bid to regain market share, spurred in part by calls from Trump for OPEC to ramp up production.\n <\/p>\n
\n The eight began raising output in April with a modest hike of 138,000 bpd, followed by larger-than-planned hikes of 411,000 bpd in May, June and July, 548,000 bpd in August and now 547,000 bpd for September.\n <\/p>\n
\n \u201cSo far the market has been able to absorb very well those additional barrels also due to stockpiliing activity in China,\u201d said Giovanni Staunovo of UBS. \u201cAll eyes will now shift on the Trump decision on Russia this Friday.\u201d\n <\/p>\n
\n As well as the voluntary cut of about 1.65 million bpd from the eight members, OPEC+ still has a 2-million-bpd cut across all members, which also expires at the end of 2026.\n <\/p>\n
\n \u201cOPEC+ has passed the first test,\u201d said Jorge Leon of Rystad Energy and a former OPEC official, as it has fully reversed its largest cut without crashing prices.\n <\/p>\n
\n \u201cBut the next task will be even harder: deciding if and when to unwind the remaining 1.66 million barrels, all while navigating geopolitical tension and preserving cohesion.\u201d\n <\/p>\n","protected":false},"excerpt":{"rendered":"Facebook Tweet Email Link OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for…\n","protected":false},"author":2,"featured_media":42337,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[84,467,56,54,55],"class_list":{"0":"post-42336","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/42336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=42336"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/42336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/42337"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=42336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=42336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=42336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}