Vienna: OPEC+ announced its decision to increase oil production by 188,000 barrels per day starting June, as part of its commitment to supporting stability in the oil market.

According to Qatar News Agency, the organization, which comprises Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on Sunday to review developments in the petroleum market and its future outlook. This decision reflects the member states' ongoing efforts to ensure a balanced and stable oil market.

The organization emphasized that member states will continue to closely monitor and assess market conditions. They stressed the importance of adopting a cautious approach and maintaining full flexibility to allow for increases, pauses, or reversals in the gradual unwinding of voluntary production adjustments. This includes potentially reversing the previous voluntary adjustments announced in November 2023.

OPEC+ also noted that they will hold monthly meetings to monitor market developments, compliance levels, and the implementation of compensation plans. The next meeting is scheduled for June, where they will further evaluate the situation and make necessary adjustments.