(MENAFN) OPEC and its allies, collectively known as OPEC+, resolved on Sunday to increase oil production by 137,000 barrels per day (bpd) starting in October. This decision followed a virtual summit involving key members such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, who analyzed the global oil market’s current status and future prospects, according to a statement posted on the OPEC website.

"The eight participating countries decided to implement a production adjustment of 137,000 bpd from the 1.65 million bpd additional voluntary adjustments announced in April 2023," the statement read, highlighting that the global economic outlook remains stable and market fundamentals are robust, as evidenced by low oil stockpiles.

The statement also noted that the 1.65 million bpd reduction initially introduced in April 2023 may be partially or fully reversed over time, depending on changing market dynamics and done gradually.

The voluntary output cuts, originally set to continue through the end of 2026, were first declared in April 2023. The group’s next meeting is scheduled for October 5, where further production decisions will be made.

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