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The Organization of the Petroleum Exporting Countries (OPEC) and seven member countries of the broader OPEC+ alliance agreed on the 2nd (local time) to increase oil production by 188,000 barrels per day starting in September to stabilize the global crude market.
In a statement, the OPEC Secretariat announced that the seven nations—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—held a video conference earlier in the day to review global market conditions and outlooks before reaching the decision.
These countries previously announced voluntary production cuts in April and November 2023.
Under the shared goal of supporting crude market stability, the seven nations decided to adjust their voluntary production cuts—initially announced in April 2023—by 188,000 barrels per day.
The newly decided production adjustment is scheduled to take effect in September.
OPEC+ plans to continue holding monthly regular meetings to closely monitor conditions in the crude market.
(Photo: AP, Yonhap News)
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