On September 7, the OPEC+ countries agreed on a small increase in oil production for October, which signals a shift toward defending market share. This move implies an early end to previously adopted production cuts. OPEC+ will raise oil output by 137,000 barrels per day in October.
Member countries are implementing the second tranche of production cuts faster than planned, ahead of the projected global oil surplus in 2026.
U.S. crude oil production has reached a record 13.6 million barrels per day, with potential for further growth despite a decline in the number of drilling rigs, influencing global supply dynamics.
The Sunday agreement also means that eight OPEC+ members have started to roll back the second tranche of oil production cuts, totaling about 1.65 million barrels per day, more than a year ahead of schedule. Since April, OPEC+ has fully reversed the first 2.5 million barrels per day, which accounts for roughly 2.4% of global demand.
The next meeting of the eight member countries is scheduled for October 5. OPEC+ stated that it reserves the right to accelerate, suspend, or cancel any production increase at future meetings.
