OPEC+ announced on Sunday that it will increase oil production by 547,000 barrels per day in September, accelerating its efforts to reclaim global market share amid growing fears of supply disruptions linked to Russia.

The decision represents a complete and early rollback of the alliance’s largest production cuts, along with an additional output boost for the United Arab Emirates.

Combined, the increases total approximately 2.5 million barrels per day—equivalent to about 2.4 per cent of global demand.

The agreement followed a short virtual meeting of eight OPEC+ members, held as U.S. pressure mounts on India to reduce imports of Russian oil—part of broader efforts by Washington to push Moscow toward peace talks over the war in Ukraine.

President Donald Trump has called for progress on negotiations by August 8.

In a statement after the meeting, OPEC+ attributed the production hike to a strong global economy and low inventory levels, according to CNBC.

Oil prices have stayed high despite previous increases in output. Brent crude settled near $70 per barrel on Friday, rebounding from April’s low of around $58, buoyed by seasonal demand.

However, U.S. light crude slipped about $2 in early trading on Friday, ahead of the expected OPEC+ announcement.

“Given fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals,” said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks.

The eight OPEC+ countries are scheduled to reconvene on September 7, where they may consider reinstating an additional round of output cuts totaling approximately 1.65 million barrels per day, according to two OPEC+ sources familiar with Sunday’s discussions.