The Organisation of the Petroleum Exporting Countries (OPEC) Plus has agreed to increase oil production by 188 thousand barrels per day from August this year, following a virtual meeting to review global oil market conditions. In a statement released after its virtual meeting today, the seven OPEC (Plus) member countries comprising Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman said the decision is aimed at supporting market stability. They also reaffirmed their commitment to a cautious and flexible approach, with the option to increase, pause or reverse production adjustments depending on market conditions.
The oil-producing group said it will continue to monitor the global oil market and ensure compliance with agreed production targets. The next meeting of the participating countries is scheduled for the 2nd of August.
