RIYADH: Eight OPEC+ member states, including Saudi Arabia, have agreed to raise oil production by 411,000 barrels per day in June as part of a gradual rollback of voluntary output cuts, the group has announced.

The decision was reached following a virtual meeting on May 3 and builds on an agreement made on Dec. 5 to gradually and flexibly restore 2.2 million bpd of voluntary cuts starting April 1, the Saudi Press Agency reported.

The June increase is equivalent to three monthly increments and reflects improving market conditions, including declining oil inventories.

The meeting included the Kingdom, Russia, and Iraq, as well as the UAE, Kuwait, Kazakhstan, Algeria, and Oman, all of whom had previously announced additional voluntary reductions in April and November 2023.

In a joint statement, the countries emphasized that the planned increases remain subject to change or temporary suspension depending on market developments, allowing the group to retain flexibility in supporting price and market stability, according to SPA.

The members also reiterated their full commitment to the Declaration of Cooperation, including the additional voluntary cuts agreed during the 53rd meeting of the Joint Ministerial Monitoring Committee held on April 3, 2024.

The statement affirmed that participating countries are determined to fully compensate for any excess production recorded since January 2024.

OPEC+ said it would hold monthly meetings to track market conditions, compliance levels, and progress of the compensation plan. The next meeting is scheduled for June 1 to set production targets for July.