The Group of Seven major oil producers said it would increase output in June by slightly less than the 206,000 barrels per day increase in May. Sunday's figure does not include the contribution of the United Arab Emirates, which officially left OPEC on May 1.
The seven countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, SEEbiz reports.
"In their joint commitment to supporting oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from additional voluntary adjustments announced in April 2023," OPEC said.
Oil supplies have been constrained since the start of the war with Iran on February 28, as the Strait of Hormuz – a key shipping route for global oil and gas supplies – has remained virtually closed.
Oil prices fell on Friday after Iran sent an updated peace proposal to mediators in Pakistan, rekindling hopes that a deal with the United States was still possible.
U.S. crude futures fell 3 percent to close at $101.94 a barrel. International benchmark Brent crude lost nearly 2 percent to close at $108.17. Both prices are up nearly 78 percent since the start of the year.
US President Donald Trump said on Saturday that he was familiar with the concept of a deal with Iran but was waiting for its final wording, warning that there was still a possibility of resuming attacks on the country if Tehran did not behave properly.
Reuters quoted a senior Iranian official on Saturday as saying that the Iranian proposal, which Trump has so far rejected, would open shipping through the Strait of Hormuz and end the US blockade of Iran, while leaving talks on Iran's nuclear program for later.
Concerns about production were further heightened on Tuesday by news of the sudden departure of the UAE, the third-largest producer in the cartel.
The Gulf state concluded that leaving the group was in its national interest after a comprehensive review of its production policies and capacities, the Energy Ministry said in a written statement.
The UAE has played an influential role in OPEC decisions for almost six decades and in February was the group's third-largest oil producer, behind Saudi Arabia and Iraq.
