Seven key OPEC+ members (Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman and Algeria) have decided to raise oil output quotas by 188,000 barrels per day (bpd) in June, the group said in a joint statement.
"This measure will provide an opportunity for the participating countries to accelerate their compensation," the statement reads.
The states confirmed their intention to fully compensate for any overproduced volume since January 2024.
The OPEC+ member states "will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they 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."
Output levels will be monitored by the Joint Ministerial Monitoring Committee.
That said, June output quotas will stand at 9.762 mln bpd for Russia, at 10.291 mln bpd for Saudi Arabia, at 4.352 mln bpd for Iraq, at 2.628 mln bpd for Kuwait, at 1.599 mln bpd for Kazakhstan, at 989,000 bpd for Algeria and at 826,000 mln bpd for Oman, not including compensation for oil overproduction.
The next OPEC+ meeting will take place on June 7.
