ISLAMABAD: Seven OPEC+ members have announced an increase in oil production.
Following the UAE’s withdrawal, OPEC+ members announced an increase in production by 188,000 barrels per day at the meeting. The increase will take effect from June.
According to the statement, the decision was made with a determination to ensure stability in the global oil market. The move is aimed at maintaining a balance in the market and improving the supply and demand situation.
The increase in production will help participating countries deal with the oil shortage. The OPEC+ meeting was attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
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