OPEC+ oil supply will rise by 188,000 barrels per day in July after key producers agreed to a modest crude output increase, as per Russian media.
Seven alliance members reached the decision: Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria.
The group said the increase aims to speed up compensation for earlier overproduction under existing voluntary cut arrangements.
OPEC+ said the July adjustment depends on market conditions. It added that producers would continue to assess supply and demand fundamentals.
Read: OPEC Oil Demand Forecast Rejects Near-Term Peak
The alliance said it may pause or reverse gradual output increases if market conditions require a policy change.
OPEC+ has continued to stress the importance of oil market stability amid shifting demand trends and geopolitical risks affecting energy supply chains.
