Eight OPEC+ countries raise production by 547,000 bpd

"The eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025 from August 2025 required production level," said a statement released after a meeting where the hike was agreed. The latest move, a year ahead of an initial 18-month schedule, completes the unwinding and also provides for a 300,000 barrels per day tranche granted specifically to the United Arab Emirates. In a bid to boost prices, the wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies -- in recent years had agreed to three different tranches of output cuts, amounting to almost six million bpd in total.