Vienna: The OPEC+ alliance has announced a new increase in oil production of 188,000 barrels per day for August, marking the fifth consecutive month of production increases. This decision is expected to reinforce expectations of ample supplies in the global oil market.

According to National Iraqi News Agency, the increase will involve seven countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The alliance emphasized that this decision aligns with efforts to support market stability and address previous overproduction, while fully adhering to the Declaration of Cooperation agreement.

The alliance also stated that it will continue to monitor market developments closely, highlighting the importance of flexibility and caution in handling supply and demand fluctuations. This move comes amidst ongoing volatility in the oil market and changing global demand levels, raising concerns about a potential supply glut in the near future.