The organization mentioned that the concerned countries, which are Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed during a virtual meeting to implement this increase as part of the gradual return to the previously approved voluntary adjustments.
Russia will increase its oil production to 9.449 million barrels per day, Saudi Arabia to 9.978 million barrels, Iraq to 4.22 million barrels, the United Arab Emirates to 3.375 million barrels, Kuwait to 2.548 million barrels, and Kazakhstan to 1.55 million barrels. These targets do not reflect the compensation mechanism, according to the statement.
The statement confirmed that the countries will continue to review market conditions monthly, and the increase does not include previous compensation reductions, noting that the production restrictions of 1.65 million barrels per day will remain in effect until the end of 2026.
It is noteworthy that the OPEC+ countries are keeping pace with changes in energy demand to balance international needs and ensure market stability.
