RIYADH: Seven OPEC+ member countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — will raise oil output targets by 188,000 barrels per day in July, the group said in a statement after a meeting on Sunday.
The decision forms part of ongoing efforts to support market stability, with the countries reiterating that voluntary output adjustments announced in April 2023 may be restored gradually, either partially or fully, depending on market conditions.
The participating producers said they will continue to closely monitor oil market developments and maintain a flexible approach, allowing for increases, pauses or reversals in the phased unwinding of voluntary cuts, including those announced in November 2023.
They also said the move would help accelerate compensation for any overproduction, reaffirming their commitment to the Declaration of Cooperation and oversight by the Joint Ministerial Monitoring Committee.
The countries confirmed their pledge to fully compensate for excess output since January 2024, extending the compensation period until the end of December 2026.
