Eight OPEC+ countries currently following voluntary oil production cuts have agreed to increase output by 548,000 barrels per day beginning in August, according to a statement published on the official OPEC website.
The production hike aligns with the group's original plan to gradually raise output over a four-month period, News.Az reports.
The statement noted that the decision comes in response to stable market fundamentals.
The organization noted that this increase will enable countries that exceeded production quotas during the voluntary cuts period to swiftly offset overproduction.
The next OPEC+ meeting, at which the production plan for September will be discussed, is scheduled for August 3.
