OPEC+ agrees to increase oil production by 547,000 barrels/day
Starting in September 2025, eight major OPEC+ countries—including Saudi Arabia, Russia, and the UAE—will ramp up oil production by 547,000 barrels a day.
This basically undoes last year's big cut and signals that these nations are feeling more confident about the global economy.
UAE gets to boost output by 300,000 barrels a day
The UAE comes out on top here, getting to boost its output by 300,000 barrels a day—almost a year ahead of schedule for its recovery.
Still, OPEC+ says they're ready to pause or reverse these changes if the market gets shaky.
Prices have stayed steady around $70 a barrelg
Even with more oil coming in, prices have stayed steady around $70 a barrel.
The group will check in again on September 7 to see how things are going, and all 22 members plan a bigger meeting in November to figure out next steps as global uncertainties continue.