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By Olesya Astakhova, Ahmed Ghadar, and Alex Lawler

LONDON, Aug 3 (Reuters) - OPEC+ agreed on Sunday to raise oil output by 547,000 barrels per day (bpd) in September, the latest in a series of rapid output increases to regain market share amid growing concerns about potential supply disruptions linked to Russia.

This move represents a complete and early rollback of the largest portion of the OPEC+ production cuts, in addition to a separate increase in UAE production of approximately 2.5 million barrels per day, or about 2.4 percent of global demand.

Eight OPEC+ members held a brief online meeting amid mounting US pressure on India to halt purchases of Russian oil. This is part of Washington's efforts to push Moscow to the negotiating table to reach a peace agreement with Ukraine. US President Donald Trump has said he wants this to happen by August 8.

In a statement issued after the meeting, the alliance attributed its decision to the strength of the economy and low inventories.

Oil prices remained high , with Brent crude closing near $70 a barrel on Friday, up from its 2025 low of around $58 in April, supported by several factors including higher seasonal demand .

"With oil prices relatively strong at around $70, it gives OPEC+ some confidence about market fundamentals," said Amrita Sen, co-founder of Energy Aspect, adding that the market structure also points to tight inventories.

Two OPEC+ sources said after today's meeting that the eight countries are scheduled to meet again on September 7 and are likely to consider reimposing another tranche of production cuts totaling about 1.65 million barrels per day. These cuts are in effect until the end of next year.

The OPEC+ alliance includes ten non-OPEC oil-producing countries, most notably Russia and Kazakhstan.

The OPEC+ alliance, which pumps about half of the world's oil, had cut production for several years to support the market, but reversed course this year to regain market share amid demands from US President Donald Trump for OPEC to pump more oil.

Eight members of the OPEC+ alliance began raising production in April with a small increase of 138,000 barrels per day, followed by larger increases of 411,000 barrels per day in May, June, and July, then 548,000 barrels in August, and now 547,000 barrels per day in September.

"The market has so far been able to absorb these additional barrels very well due to storage activity in China," said Giovanni Staunovo of UBS.

"All eyes will now turn to Trump's decision on Russia on Friday," he added.

The OPEC+ alliance is still implementing separate voluntary cuts of approximately 1.65 million barrels per day from eight members, and another of 2 million barrels per day from all members, both of which expire at the end of 2026.

"OPEC+ has passed the first test," by successfully undoing the larger cut entirely without a price collapse, said Jorge Leon of Rystad Energy and a former OPEC official.

"But the next task will be more difficult: deciding whether and when to cancel the remaining 1.66 million barrels, while simultaneously managing geopolitical tensions and maintaining cohesion," he added.

(Additional reporting by Dmitry Zhdannikov; Preparation by Rehab Alaa, Sherine Abdel Aziz, Mohamed Ali Farag and Mohamed Aysem for the Arabic bulletin; Editing by Hassan Ammar)