Biggest world oil cartel OPEC+ has announced it will increase oil production by 188,000 barrels per day in June.
The decision was confirmed on Sunday following an online meeting attended by representatives from Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, and Oman.
This move is aimed at stabilising the global oil market, which is facing disruption due to the ongoing blockage of the Strait of Hormuz near Iran.
The statement did not mention the recent departure of the United Arab Emirates from OPEC+.
The UAE, one of the world’s largest oil producers, ended its membership in the cartel last Tuesday after being part of the organisation since the 1960s.
