The G8 OPEC+ agreed to increase oil production by 547 thousand barrels per day in September.

During the meeting on August 3, eight OPEC+ countries decided to increase oil production quotas by 547,000 barrels per day compared to August, as well as to begin a gradual and flexible return to voluntary production adjustments of 2.2 million barrels per day. This was stated on August 3 in the OPEC press release following the meeting.

Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria and Oman participated in the negotiations.

"In September 2025, eight participating countries will adjust production by 547 thousand barrels per day from the level set in August 2025," the organization's website says.

The stability of the global economic outlook and the favorable conditions prevailing in the markets allowed this to happen.

It is noted that the phased cancellation of additional voluntary production adjustments may be suspended or cancelled depending on changing market conditions. This flexibility will allow the group to continue to maintain the stability of the oil market.

In addition, the countries reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary production adjustments. A new G8 meeting will be held on September 7, 2025.

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Igbal Guliyev, Dean of the MGIMO Faculty of Financial Economics, Doctor of Economics, told Izvestia on July 24 that global oil prices had shown growth, helped by fresh data on oil and petroleum products reserves in the United States. These statistics indicate the continued high demand in the summer season, which has become a key driver of the increase in quotations.

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