The OPEC+ alliance has agreed to increase its oil production quota by 188,000 barrels per day (bpd) beginning in September, following a review of developments in the global oil market.
The decision was taken during a virtual meeting involving seven member countries that had introduced additional voluntary production cuts in 2023. The participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
The group said its decision followed an assessment of current market conditions and the outlook for global oil supply and demand.
Saudi Arabia and Russia will each raise their production by 62,000 bpd under the agreement. Iraq will increase output by 26,000 bpd, while Kuwait will add 16,000 bpd.
Kazakhstan will raise production by 10,000 bpd, Algeria by 6,000 bpd and Oman by 5,000 bpd.
According to OPEC, the production adjustment is part of efforts by the participating countries to support stability in the international oil market.
The group said the move will also give the affected members greater flexibility to make up for previous overproduction and accelerate their compensation efforts.
The seven countries reaffirmed their commitment to complying with the Declaration of Cooperation and the additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).
They further pledged to fully compensate for any excess output recorded since January 2024.
The countries are expected to continue meeting every month to assess market conditions and determine whether further adjustments are necessary.
The next OPEC+ meeting is scheduled for September 6.