Kathmandu. The seven countries of the major oil producing countries (OPEC Plus) have decided to increase oil production from June in an effort to maintain global market stability.

The group includes Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait and Oman. According to the joint decision issued after the virtual meeting held on Sunday, these countries have agreed to increase the production of oil by a total of 188 thousand barrels per day.

But the decision is seen as largely symbolic, as tensions in the Middle East, and disruptions in the Strait of Hormuz in particular, have had a major impact on real supply systems.

According to the report, oil shipments from the Persian Gulf region have been affected after Iran blocked the movement of the strategically important Strait of Hormuz. About 20 percent of the world’s oil and natural gas is supplied through this waterway. The blockade has prevented millions of barrels of oil from reaching international markets, putting pressure on global energy supplies.

Meanwhile, the 65-year-old oil alliance has changed further after the United Arab Emirates decided to withdraw from the OPEC organization. OPEC produces about 40% of the world’s crude oil and plays a key role in setting energy prices.

Iran is one of the 12 member countries of OPEC, while Russia is not an official member, but has been working with the group under the OPEC Plus framework. Under the new decision, participating countries will meet monthly to review market conditions and will meet again on June 7. They said they would continue to review production, market compliance and necessary adjustments.

OPEC’s decision is seen as part of an effort to stabilize global energy markets amid the blockade in the Strait of Hormuz and political tensions in the Middle East.