OPEC+ agreed Sunday to increase oil production by 137,000 barrels per day starting in October, continuing the group’s strategy shift toward regaining market share as global oil prices decline.
The decision, made during an 11-minute virtual meeting of eight key alliance members, marks another step in unwinding production cuts that have been in place for years. The October increase is significantly smaller than recent months, when the group added 547,000 barrels daily in September and 411,000 barrels in May.
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman participated in the meeting. The production boost represents the first portion of a larger 1.65 million barrel-per-day supply tranche originally scheduled to remain off the market until the end of 2026.
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Oil prices have fallen approximately 15% this year amid increased OPEC+ supply and broader economic concerns. Brent crude closed Friday at $65.50 per barrel, while U.S. West Texas Intermediate dropped to $61.87.
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The production increases began in April as OPEC+ reversed years of output cuts designed to support prices. The group, which controls about 47% of global crude production, has accelerated the timeline for returning barrels to market as members led by Saudi Arabia prioritize market share over price support.
The group maintains flexibility to pause or reverse production increases depending on market conditions. Its next meeting for October 5.
Energy analysts expect the increased supply could push oil prices lower through 2026.
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