New Delhi, July 6 -- Seven key OPEC+ producers have agreed to increase oil production by a combined 188,000 barrels per day (bpd) in August 2026, while reaffirming their commitment to maintaining stability in the global crude market amid evolving demand and supply dynamics.

The decision was taken through a virtual meeting by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, the group of countries that had earlier announced additional voluntary production adjustments in April and November 2023.

According to the official statement, the participating countries reviewed global market conditions and the overall outlook before deciding to proceed with the next phase of easing their voluntary production cuts.

"In their collect...