Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive ​monthly increase, OPEC+ said in a statement. 

The participating countries include: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The move is part of their collective commitment to support oil market stability, the statement said.

The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023, a statement said.

The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation.