The Organization of the Petroleum Exporting Countries plus (OPEC+) has agreed to increase oil production by 188 thousand barrels per day from September this year. The decision was taken during a virtual meeting today to review global oil market conditions. 

 

In a statement issued after their virtual meeting, the seven OPEC (plus) members including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman said the decision aims to support oil market stability while allowing participating countries to accelerate compensation for previous overproduction.

 

OPEC (plus) members also reaffirmed their commitment to the Declaration of Cooperation, with compliance to be monitored by the Joint Ministerial Monitoring Committee (JMMC).