A group of seven OPEC+ producers said on Sunday they would raise output by a combined 188,000 barrels a day next month, a restrained increase that comes as oil trades near its pre-war levels for the first time since the Iran war began.
It is the fifth consecutive monththat members of the alliance have agreed to open the oil taps a little wider.
The decision, taken at a virtual meeting, involves Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, and continues the gradual unwinding of voluntary cuts the same countries announced back in 2023.
Saudi Arabia and Russia will carry the largest share, adding 62,000 barrels a day each.
"The countries will continue to monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach," the group said in a statement.
