OPEC+ ministers will meet by videoconference on Sunday to set August crude oil production levels, with delegates signalling another incremental output increase as the alliance continues unwinding its voluntary cuts.

The group, which includes Saudi Arabia, Russia and six other members making voluntary reductions, has been gradually restoring barrels held off the market since 2023. Recent monthly meetings have produced increases of around 411,000 barrels per day, faster than the cautious pace many analysts had anticipated.

The move comes against subdued oil prices, with Brent crude trading well below the levels several producers need to balance national budgets. Saudi Arabia has signalled it prefers to defend market share rather than prop up prices through deeper cuts, a strategy that has pressured higher-cost producers.

Analysts at Goldman Sachs and Rystad Energy have warned that accelerating supply into a softening demand environment risks pushing prices lower in the second half of 2026. The OPEC Secretariat said the alliance would continue to assess market conditions monthly.

The outcome will shape expectations for energy costs and inflation through the autumn, influencing central bank deliberations in the United States and Europe as policymakers weigh the timing of further interest-rate cuts.