Seven members of OPEC+, which is made up of the Organization of the Petroleum Exporting Countries (OPEC) and major oil producers including Russia, will increase crude output by 188,000 barrels a day starting in September.
The OPEC secretariat said Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman held a video conference on the 2nd (local time) and agreed to the move.
At the meeting, the participants reviewed current conditions and the outlook for the global crude market and decided to adjust output to support market stability.
These countries had released voluntary production cut measures in April and November 2023 to reduce crude supply. Under the latest decision, they will roll back 188,000 barrels a day from the voluntary cuts released in April 2023. The adjusted output takes effect in September.
OPEC+ will continue to hold monthly meetings to review supply-demand conditions and price trends in the global crude market and to discuss production policy. The next meeting will be held on Sept. 6.