OPEC+ countries agreed to increase oil production

Although OPEC+ includes 22 countries, only eight cartel members took part in Sunday’s meeting – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman, which is implementing a separate package of voluntary additional production cuts from 2023.

“Taking into account the robust outlook for the global economy and healthy current market fundamentals, as reflected in low oil inventories, the eight participating countries have decided to resume tapering the additional voluntary cuts of 1.65 million barrels per day announced in April 2023 and agreed to a production adjustment of 206 thousand barrels per day,” the joint statement said.