Seven member states of the Opec+ alliance have announced an increase in oil production.
Following the UAE’s separation, member countries at the Opec+ meeting declared a rise of 188,000 barrels per day in output. The increase will take effect from June.
According to the communiqué, the decision has been taken with a commitment to ensuring stability in the global oil market. The measure aims to maintain balance in the market and improve the situation of supply and demand.
The increase in production will assist participating countries in addressing oil shortages. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman took part in the Opec+ meeting.
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