Vienna: OPEC+ has announced a decision to increase oil production by 411,000 barrels per day starting in June. The decision was made following a meeting held via videoconference by the eight OPEC+ members, which include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

According to National Iraqi News Agency, the countries involved agreed to implement this production adjustment compared to the required production level in May, marking three consecutive monthly increases. The members reiterated their commitment to the Declaration of Cooperation and the additional voluntary adjustments agreed upon in the 53rd Joint Ministerial Monitoring Committee meeting on April 3, 2024. This commitment emphasizes their determination to compensate for excess production since January 2024.

The OPEC+ group stated that this move aims to expedite the compensation plans of the participating nations. The group will continue to hold monthly meetings to assess market developments, compliance levels, and the execution of compensation plans, with the next meeting scheduled for June 1 to discuss production levels for July.

It is important to note that these production increases are subject to adjustment or temporary suspension, depending on market dynamics, providing the group with the necessary flexibility to maintain market stability.