Write an article about
MOSCOW, May 31 (Bernama-Sputnik/RIA Novosti) — The eight OPEC+ countries that voluntarily restricted their oil production agreed on Saturday to increase their combined output by 411,000 barrels per day in July from the June level, OPEC+ said, reported Sputnik/RIA Novosti.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman met virtually to discuss the global market conditions.
“The eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from June 2025 required production level.
“The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” the statement read.
The decision is explained by “a steady global economic outlook and current healthy market fundamentals.”
The oil production cap for the eight OPEC+ countries that have voluntary production cuts in place will effectively increase their maximum output by 386,000 barrels per day in July, taking into account compensation plans for the previous overproduction.
This applies to Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, which have voluntarily reduced oil production. Voluntary cuts of 1.65 million barrels per day are in effect until the end of 2026.
An additional 2.2 million bpd cut has been gradually phased out starting April.
The eight OPEC+ countries agreed on Saturday to discuss oil production volumes for August on July 6, OPEC+ said.
“The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 6 July 2025 to decide on August production levels,” the statement read.
Meanwhile, Russia may increase its oil production to 9.24 million barrels per day in July, OPEC+ said in a statement on Saturday, which does not take into account the overproduction compensation plan.
Saudi Arabia is poised to increase oil production to 9.53 million barrels per day, while Iraq and the United Arab Emirates will increase their output to, respectively, 4.12 million barrels and 3.17 million barrels, Kuwait to 2.49 million, Kazakhstan to 1.51 million, Algeria to 936,000 barrels and Oman to 782,000 barrels.
–BERNAMA-SPUTNIK/RIA NOVOSTI
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
in 1000-1500 words .Organize the content with appropriate headings and subheadings (h1, h2, h3, h4, h5, h6), Retain any existing tags from
MOSCOW, May 31 (Bernama-Sputnik/RIA Novosti) — The eight OPEC+ countries that voluntarily restricted their oil production agreed on Saturday to increase their combined output by 411,000 barrels per day in July from the June level, OPEC+ said, reported Sputnik/RIA Novosti.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman met virtually to discuss the global market conditions.
“The eight participating countries will implement a production adjustment of 411 thousand barrels per day in July 2025 from June 2025 required production level.
“The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” the statement read.
The decision is explained by “a steady global economic outlook and current healthy market fundamentals.”
The oil production cap for the eight OPEC+ countries that have voluntary production cuts in place will effectively increase their maximum output by 386,000 barrels per day in July, taking into account compensation plans for the previous overproduction.
This applies to Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, which have voluntarily reduced oil production. Voluntary cuts of 1.65 million barrels per day are in effect until the end of 2026.
An additional 2.2 million bpd cut has been gradually phased out starting April.
The eight OPEC+ countries agreed on Saturday to discuss oil production volumes for August on July 6, OPEC+ said.
“The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 6 July 2025 to decide on August production levels,” the statement read.
Meanwhile, Russia may increase its oil production to 9.24 million barrels per day in July, OPEC+ said in a statement on Saturday, which does not take into account the overproduction compensation plan.
Saudi Arabia is poised to increase oil production to 9.53 million barrels per day, while Iraq and the United Arab Emirates will increase their output to, respectively, 4.12 million barrels and 3.17 million barrels, Kuwait to 2.49 million, Kazakhstan to 1.51 million, Algeria to 936,000 barrels and Oman to 782,000 barrels.
–BERNAMA-SPUTNIK/RIA NOVOSTI
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
and integrate them seamlessly into the new content without adding new tags. Include conclusion section and FAQs section at the end. do not include the title. it must return only article i dont want any extra information or introductory text with article e.g: ” Here is rewritten article:” or “Here is the rewritten content:”