VIENNA — Eight members of the OPEC+ alliance agreed on Sunday to raise oil production for a further month, continuing a phased unwinding of voluntary output cuts led by Saudi Arabia and Russia. The video-conference meeting set quotas for August.

The eight countries — Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — have been reversing 2.2 million barrels per day of voluntary curbs since spring 2025. The alliance has repeatedly accelerated the pace of increases to defend its share of the global market.

The decision came against a backdrop of subdued crude prices and concerns over demand growth. Analysts at Goldman Sachs and Morgan Stanley had forecast a continued monthly increase, arguing that Riyadh prioritises discipline among quota-busting members over supporting prices.

The move carries opposing consequences for consumers and producers. Lower crude prices ease inflationary pressure in importing economies, but strain the budgets of producer states, including Saudi Arabia, which requires higher prices to fund its economic diversification programme.

The group said it would continue to monitor market conditions and hold monthly meetings to adjust output. The next gathering is scheduled for early August to determine September production levels.