The Organization of the Petroleum Exporting Countries (OPEC) and seven major oil-producing nations within the OPEC+ alliance have agreed to increase oil production by 188,000 barrels per day starting next month.
According to Yonhap News Agency, the OPEC Secretariat announced that a video conference was held with representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, where the decision was finalized.
Previously, these countries had announced voluntary production cuts in April and November 2023, reducing output by 1.65 million barrels per day and 2.2 million barrels per day, respectively. The seven nations decided to adjust the voluntary production cuts announced in April 2023 by increasing output by 188,000 barrels per day to support the stability of the oil market.
The new production adjustment will take effect in September. OPEC+ plans to hold regular monthly meetings to closely monitor the oil market situation, with the next meeting scheduled for September 6.
* This article has been translated by AI.
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