This marks the eighth consecutive monthly increase.
“Given the stability of global economic outlooks and the current strong market fundamentals, reflected in low oil inventories, the eight participating countries have decided to implement a production adjustment of 137,000 barrels per day,” announced OPEC+ in a statement.
The meeting, held via videoconference, was attended by the Energy Ministers of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
OPEC+ includes major oil exporters, as well as allies like Russia.
