OPEC+ Eight Countries Increase Oil Production Amid Price Rise

A coalition of eight oil-producing countries, led by Saudi Arabia and including Russia and others, announced plans to increase oil production by 137,000 barrels per day starting in October, signaling a strategic shift after years of restrained output. Despite fears that increased supply might depress prices, oil prices have risen, with Brent crude reaching around $66 per barrel. Analysts suggest this bold move aims to regain market share even at the risk of lower prices, with some indicating that perception of production increases may matter more than actual output due to capacity limits. Goldman Sachs maintained its year-end price forecasts, expecting the market to absorb the increased output without significant price drops. The group has already been gradually raising production since April and is considering further easing cuts of up to 1.65 million barrels per day based on market conditions. This approach reflects confidence in market stability and a strategic prioritization of market share over price support among these OPEC+ members.