OPEC+ may raise output by 550,000 bpd in September: Goldman Sachs

Logo of OPEC

Goldman Sachs anticipates that a group of eight OPEC+ member countries will raise their oil production quotas by 550,000 barrels per day (bpd) in September, marking the final phase of unwinding the 2.2 million bpd in voluntary output cuts.

This projection follows OPEC+’s decision, released on July 5, to raise production by 548,000 bpd in August, citing resilient global oil demand.

According to Reuters, Goldman Sachs stated that the move to accelerate supply increases reinforces confidence in a transition toward long-term market balance, with an emphasis on restoring spare capacity and market share to typical levels.

The bank added that this strategy supports internal cohesion within the group and reflects continued strategic adjustments to US shale oil supply.

Goldman Sachs projects that crude oil output from the eight OPEC+ members will rise by 1.67 million bpd between March and September, reaching a total of 33.2 million bpd.

The bank maintained its Brent crude price forecast at $59 per barrel for Q4 2025, and $56 per barrel for 2026.

On the demand side, Goldman Sachs forecasts global oil consumption to increase by 600,000 bpd in 2025, and by 1 million bpd in 2026, driven by robust Chinese demand, resilient global economic activity, and a weaker US dollar.