OPEC+ Set to Approve Next Oil Production Increase Amid Geopolitical Uncertainty

OPEC+ is expected to approve another increase in oil production when its members meet virtually on Sunday, adjusting supply while global energy markets remain affected by ongoing geopolitical tensions.

The alliance, which includes members of the Organization of the Petroleum Exporting Countries and allied producers, introduced major production cuts between late 2022 and 2023 after concerns that falling oil prices could weaken global energy markets. Those reductions removed nearly six million barrels of oil per day from the market in three separate phases.

As demand gradually recovered, OPEC+ shifted its strategy by slowly increasing production, beginning in 2025, to balance supply while supporting market stability. A September increase would complete the reversal of the second package of production cuts introduced during that period.

However, analysts note that higher production targets do not necessarily mean actual oil output will increase by the same amount. Several member countries are currently unable to reach their assigned quotas due to declining production capacity, ageing infrastructure or operational challenges.