7 OPEC+ countries to increase oil production in June

VIENNA, May 3 (Xinhua) -- OPEC said in a communique on Sunday that seven OPEC+ countries decided to increase their oil production cap by 188,000 barrels per day in June, in response to the withdrawal of the United Arab Emirates from the bloc.

The seven countries -- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman -- made the decision during a virtual meeting on Sunday to review global market conditions and outlook.

The increase, which will be implemented in June 2026, is part of adjustments to the additional voluntary production cuts first announced in April 2023.

The group said the voluntary adjustments could be returned gradually, either in part or in full, depending on market developments.

Reaffirming their commitment to oil market stability, the countries stressed the need for a cautious and flexible approach, noting that production levels could be increased, paused or reversed as necessary, including adjustments introduced in November 2023.

The seven countries also said the move would provide an opportunity to accelerate compensation for any overproduction since January 2024.

They reiterated their commitment to full compliance with the Declaration of Cooperation, with output levels to be monitored by the Joint Ministerial Monitoring Committee.