The Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced a significant increase in oil production for September, completing their supply restoration plan a full year ahead of schedule in an effort to reclaim market share.

In a virtual meeting Sunday, Saudi Arabia and other key producers agreed to boost output by roughly 548,000 barrels per day next month. This move finalizes the reversal of a 2.2 million-barrel-per-day cut implemented in 2023 by eight member nations and includes additional volumes phased in by the United Arab Emirates.

An extra 1.66 million barrels per day of previously halted output will be reviewed later this year, with a decision expected by December.

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