A worker at an oil refinery in Wasit province, Iraq. (Photo: VNA)

The agreement was reached by Saudi Arabia, Russia, Iraq, the UAE,g Kuwait, Kazakhstan, Algeria, and Oman during their monthly meeting.

OPEC+, which supplies about half of the world's oil, has been cutting production for years to support the market. This policy reversal is an attempt to regain market share. Since April, OPEC+ has been increasing production output each month.