Doha: The eight-member OPEC+ group, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting Saturday to review oil market developments and future prospects. The participating nations agreed to adjust production by 411,000 barrels per day in June, compared to the required level in May, representing three consecutive monthly increases.

According to Qatar News Agency, the eight countries reaffirmed their full commitment to the Declaration of Cooperation, including voluntary production adjustments, as agreed in the 53rd Joint Ministerial Monitoring Committee (JMMC) meeting on April 3, 2024. They also pledged to compensate for any excess production since January 2024.

OPEC+ stated that this measure provides an opportunity to accelerate compensation plans for participating countries. The group will hold monthly meetings to monitor market trends, compliance levels, and implementation of compensation plans. The next meeting is scheduled for June 1, to determine July production levels.

These adjustments remain flexible and may be modified or temporarily halted depending on market conditions, ensuring the group maintains stability in the oil market.