Amman, Oct. 5 (Petra) – The eight OPEC+ member states Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman have agreed to adjust their oil production by increasing output by 137,000 barrels per day from the total voluntary cuts of 1.65 million barrels per day announced in April 2023. The adjustment will take effect in November.

According to the Saudi Press Agency, the decision followed a virtual meeting of the group on Sunday to review developments in the global oil market and its outlook amid declining petroleum inventories worldwide.

The group noted that the previously agreed voluntary production cuts of 1.65 million barrels per day may be gradually restored in part or in full depending on market conditions.

//Petra// AF