Seven OPEC+ countries have agreed to increase oil production by 188,000 barrels per day in August, as part of their ongoing efforts to support market stability.

Axar.az reports, citing OPEC, that the decision was taken during a virtual meeting on July 5 involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which have been implementing additional voluntary production adjustments since 2023.

In a statement, the countries said the increase would be introduced in August and could be adjusted depending on market conditions. They emphasized the need for a “cautious approach” and pledged to maintain “full flexibility to increase, pause or reverse” the phase-out of voluntary production cuts if necessary.

The producers also reaffirmed their commitment to complying with the OPEC+ Declaration of Cooperation and compensating for any excess production since January 2024.

The seven countries are scheduled to meet again on August 2 to review market conditions, production compliance, and compensation efforts.