OPEC Plus Group on Sunday agreed to increase oil output by 206,000 barrels per day during April.

Representatives of the eight member states of the group - Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman - held a virtual meeting to review the latest developments in the oil market and its future prospects.

In a statement, these countries said that, in light of the stable outlook for the global economy and the current positive market fundamentals, as evidenced by declining oil inventories, the eight nations decided to resume the additional voluntary production cuts of 1.65 million barrels per day announced in April 2023.

The eight countries indicated that the 1.65 million barrels per day reduction may be reinstated partially or fully, gradually, depending on market conditions.

The participating countries affirmed that they will continue to closely monitor and assess market conditions, stressing the importance of adopting a cautious approach and maintaining full flexibility to increase, halt, or reverse the gradual rollback of voluntary production adjustments, including reversing the previous voluntary adjustment of 2.2 million barrels per day announced in November 2023.