Amman, July 5 (Petra) - Seven OPEC+ members agreed on Sunday to boost oil production by 188,000 barrels per day starting in August to stabilize global markets and meet changing demand.

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman made the decision during a virtual meeting on Sunday after reviewing current oil market conditions and future outlooks.

According to Bloomberg, the increase is part of the voluntary adjustments the countries announced in April 2023. The member states noted they will return these volumes gradually and may pause or reverse the decision if market conditions change.

//Petra// HA