The leading OPEC+ countries have agreed to raise oil production by 188,000 barrels per day in August, the organization announced.
The adjustment applies to members implementing voluntary output cuts: Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Algeria.
The move is intended to help these nations speed up compensation for previous overproduction, the statement said.
OPEC+ also noted that member states will continue monitoring market trends closely. They will maintain a cautious stance to ensure stability.
The gradual increase in output may be paused or reversed depending on changing market conditions, the group added.
Russia's production quota for August is set at 9.887 million barrels per day, according to the official statement.
The next OPEC+ meeting is scheduled for August 2.
