Bloomberg: OPEC+ significantly increased production, which will impact oil prices.

The OPEC+ alliance will increase oil production

The OPEC+ alliance led by Saudi Arabia decided to increase oil production in August by 548,000 barrels per day, exceeding the expected 411,000 barrels. This decision was made during a video conference on Saturday, Bloomberg reported.

The increase in production is happening faster than initially planned - the group aims to capitalize on strong summer demand and regain market share. This will allow OPEC+ to restore the last level of production cuts a year earlier than the original plan. The OPEC Secretariat in Vienna explained the decision by 'stable global economic prospects and the current healthy market environment, reflected in low oil stocks.'

This move is part of a dramatic strategic turnaround for the organization - from years of production restraint to opening the taps, which has contributed to a decrease in oil prices this year. Brent oil futures fell by 8.5% in 2025.

Next steps and potential consequences

At the next meeting on August 3, the cartel will consider the possibility of adding approximately 548,000 barrels per day in September, which would be the final step in restoring the 2.2 million barrels per day cuts announced in 2023. Analysts note that OPEC+ is clearly shifting its strategy from price protection to market share competition, although this may lead to oversupply by the end of the year and further price declines.

After the recent increase in oil production in August, the OPEC+ alliance continues to actively work on restoring production and increasing market share. This strategic transformation could significantly impact oil prices and the supply-demand balance in the energy sector.