RAMALLAH, May 3, 2026 (WAFA) – Seven members of the OPEC+ alliance on Sunday agreed to increase oil production by around 188,000 barrels per day starting in June, in a move aimed at supporting market stability.

This decision was announced in a statement issued by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman following a videoconference meeting. The statement did not specify the names of the representatives from these countries who participated in the meeting.

The meeting coincided with continued disruptions to supply chains and rising international oil prices, stemming from the war launched by the United States and Israel against Iran on February 28th.

OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and other partners, including Russia.

According to the statement, the production increase is intended to help stabilize the oil market, adding that the move would “allow for an acceleration of the compensation process.”

Y.S