Riyadh, June 07 (QNA) - Seven member countries of the OPEC+ alliance, including Saudi Arabia, have decided to adjust their oil production levels by increasing output by 188,000 barrels per day effective July 2026.

The move was made during a virtual meeting convened to review market conditions and future market outlook, with the participating countries reaffirming their commitment to maintaining a flexible and cautious approach to managing production levels.

The seven member states also underscored their commitment to fully compensating for excess production volumes recorded since January 2024, while extending the compensation period through the end of December 2026.

They further agreed to hold monthly meetings to review market developments, compliance levels, and the implementation of compensation plans, with the next meeting scheduled for July 5, 2026.

The increase marks the fourth upward adjustment to oil production targets in as many consecutive months, amid persistent tensions in the Middle East and disruptions to trade flows through the Strait of Hormuz.

The meeting brought together seven OPEC+ member countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. (QNA)