New Delhi [India], June 7 (ANI): Seven OPEC+ countries have announced a second consecutive monthly increase in oil production, agreeing to raise output by 188,000 barrels per day (bpd) in July 2026 after approving an identical increase for June last month, as the group continues its gradual easing of voluntary supply cuts.

The decision was taken during a virtual meeting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman on Sunday to review global market conditions and outlook.

Announcing the move, OPEC said the countries had decided to 'implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.'

According to the production schedule released by the group, Saudi Arabia and Russia will each increase output by 62,000 barrels per day in July, followed by Iraq with 26,000 bpd, Kuwait with 16,000 bpd, Kazakhstan with 10,000 bpd, Algeria with 6,000 bpd and Oman with 5,000 bpd.

'The additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions and in a gradual manner,' OPEC said in the statement.

At the same time, the producers stressed that they would remain flexible in managing supply depending on market developments.

The seven countries 'reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023,' the statement said.

'The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation,' OPEC said.

The producer group further noted that all participating countries remain committed to 'fully compensate for any overproduced volume since January 2024.'

To facilitate this process, the compensation period has been extended until the end of December 2026.

OPEC said the seven countries will continue to hold monthly meetings to assess market conditions, production conformity and compensation efforts. The next meeting is scheduled for July 5, 2026.

The latest decision follows a similar move taken by the seven OPEC+ countries in May, when they agreed to increase production by 188,000 barrels per day for June. That meeting was the first held after the United Arab Emirates announced its exit from OPEC+, with the producer group maintaining that supply adjustments would continue to be guided by market conditions and the objective of supporting oil market stability. (ANI)