A refinery in Wasit province, Iraq (Photo: Xinhua/VNA)

In a joint statement released on Sunday, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman said the decision was based on the positive outlook of the global economy and other market factors. They scheduled their next meeting for October 5.

OPEC+ curtailed production for several years to support prices. It reversed course this year to regain market share.