<OPEC+ to Boost Oil Output Further Despite Supply Glut Concerns
Story by Giulia Petroni
9/7/25
from WSJ
The Organization of the Petroleum Exporting Countries and its allies agreed to raise oil output further next month, despite broader concerns about a looming supply glut.
After an online meeting Sunday, eight OPEC+ members said they will boost production by 137,000 barrels a day in October, beginning to roll back some voluntary cuts they had previously put in place. The alliance, which comprises OPEC and other top oil producers including Russia, had been expected to keep output steady until recent days. 
Oil prices closed the week lower, with Brent crude trading around $65 a barrel amid growing concerns of a potential OPEC+ supply increase and an unexpected buildup in weekly U.S. crude inventories. Brent crude and West Texas Intermediate have both retreated by more than 10% this year.
OPEC+, which pumps about half of the world’s oil, had been curtailing production for years to support prices, but has more recently shifted course in a bid to boost market share.
The output increase announced Sunday starts to unwind a tranche of curbs totaling roughly 1.65 million barrels a day that had been set to remain in place until the end of next year. OPEC+ members said Sunday the barrels may be restored in part or in full “subject to evolving market conditions.”
The alliance already had agreed to fully reverse a 2.2 million-barrel cutback it made in 2023 with a series of output increases from April to September. Other collective curbs of 2 million barrels a day remain in place.
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While the production increases have prevented prices from rising sharply amid heightened geopolitical tensions, they have sparked fears of an impending glut among investors.
This has yet to show in inventory data, largely because of robust summer demand and only modest stock buildups in OECD countries, according to market watchers.
Actual OPEC+ production also has fallen short of pledged volumes in recent months, as some members had to restrict output to compensate for earlier overproduction. Still, analysts worry that the group’s increases—along with rising output from producers outside the alliance—would be enough to tip the market into a surplus in the first half of 2026.
The eight producers behind the voluntary cuts—namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman—said they would meet on Oct. 5 to discuss November production levels.> |
