TASHKENT, July 6. /Dunyo IA/. Seven OPEC+ member countries, including Kazakhstan, have agreed to increase oil production by 188,000 barrels per day starting in August following Iraq’s call for a higher production quota, reports Dunyo IA correspondent, citing “Al Jazeera.”

The decision was reached during a virtual meeting held to assess global oil market conditions and outlook.

The production increase will involve Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. It marks the fifth consecutive monthly output increase as the group continues the gradual rollback of voluntary production cuts introduced by OPEC+ in 2023.

In an official statement, the alliance said member countries would continue to closely monitor market conditions while maintaining the flexibility to accelerate, pause, or reverse future production increases if necessary. The next meeting of the countries participating in the voluntary production adjustments is scheduled for August 2.

The decision comes as the global oil market gradually stabilizes following the conflict involving Iran. After surging sharply earlier this year, oil prices have returned to levels seen before the outbreak of hostilities, supported by expectations of easing tensions and the gradual restoration of shipping through the Strait of Hormuz.

Analysts, however, say the actual impact of the latest production increase on the market may be limited. In recent months, oil exports were constrained by disruptions to shipping through the Strait of Hormuz, leaving actual export volumes well below production quotas. As maritime traffic recovers, oil supplies are gradually increasing, putting downward pressure on global prices.

At the same time, questions remain over the future cohesion of the OPEC+ alliance. Since May, the UAE has withdrawn from the OPEC+ agreement, citing its intention to expand oil production independently. Meanwhile, Iraq has considered the possibility of leaving the production restraint mechanism, expressing dissatisfaction with the current quota system and seeking to increase its oil exports. Baghdad has not yet made an official decision on the matter.