Seven countries within the OPEC+ alliance, including Saudi Arabia and Russia, have announced a modest increase in oil production.
This decision, made during a virtual meeting on Sunday, aims to raise output by 188,000 barrels per day starting in June.
Other nations involved in this agreement include Algeria, Iraq, Kazakhstan, Kuwait, and Oman.
The increase is largely seen as symbolic, occurring at a time when geopolitical issues, particularly Iran's blockade of the Strait of Hormuz, have affected global oil supply.
This blockade disrupts significant oil trade routes, halting millions of barrels a day from reaching the market.
Additionally, the recent exit of the United Arab Emirates from the OPEC alliance has raised concerns about the future stability of this influential group.
The seven nations plan to conduct monthly meetings to assess market conditions and ensure compliance with production agreements.
Their next meeting is scheduled for June 7.