VIENNA, June 7 (Xinhua) — The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday decided to increase oil output by 188,000 barrels per day in July, according to an OPEC statement.
The decision was announced following a virtual meeting attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which reviewed global market conditions and outlook.
Such move marks the fourth consecutive month for the OPEC+ to ramp up its production, in spite of the exit of the United Arab Emirates from the OPEC and the wider OPEC+ alliance on May 1.
The reason of the upward production adjustment by the seven OPEC+ countries was the “collective commitment to support oil market stability”, the statement said.
According to the statement, the seven countries would retain full flexibility to adjust their production depending on evolving market conditions.
They are scheduled to meet again on July 5 to make further decisions.
