Seven OPEC+ countries decide to raise oil production in June, citing market conditions while maintaining flexibility in supply strategy.
Seven member countries of the OPEC+ group have agreed to increase oil production in June.
According to a statement from the OPEC, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting to assess global market conditions and outlook.
PRODUCTION CUTS REVIEWED
The statement noted that the participants reviewed the voluntary production cuts of 1.65 million barrels per day announced in April 2023. The countries reaffirmed their joint commitment to supporting stability in the global oil market.
Under the framework of additional voluntary cuts introduced in April 2023, the seven nations agreed to implement a production adjustment of 188,000 barrels per day starting in June.
FLEXIBILITY IN DECISION-MAKING
OPEC emphasized that the decision remains conditional and may be paused or reversed depending on evolving market conditions. The group underlined its intention to continue monitoring supply-demand dynamics closely while maintaining a flexible production strategy.