Amman, Aug. 2 (Petra) – The OPEC+ alliance agreed during a virtual meeting on Sunday to increase its oil production by 188,000 barrels per day beginning in September.

In a statement, OPEC+ said the adjustment reflects the group's commitment to supporting stability in the global oil market.

The seven participating countries agreed to implement a production increase of 188,000 barrels per day as part of the gradual unwinding of the voluntary production cuts announced in April 2023.

The participating countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman said the increase would provide an opportunity to accelerate their compensation plans for previous overproduction.

//Petra// AK