DUBAI, UAE - Iraq will raise its oil production by 26,000 barrels per day in April as part of a broader OPEC+ decision by eight member states to increase output, the group said Sunday after a virtual meeting to review global market conditions.

Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to raise output by a combined 206,000 barrels per day starting April.

The decision marks the beginning of a gradual unwinding of the 1.65 million barrels per day in additional voluntary cuts announced in April 2023.

The countries said the move comes amid a steady global economic outlook and healthy market fundamentals, including low oil inventories.

They added that the return of the 1.65 million barrels per day could be adjusted, in part or in full, depending on market conditions.

The eight producers also stressed they would remain cautious and flexible, with the option to increase, pause, or reverse the phaseout of voluntary cuts if needed. That includes potentially reversing the separate 2.2 million barrels per day in additional reductions announced in November 2023.

The group reaffirmed its commitment to full compliance with the Declaration of Cooperation and said production levels will continue to be monitored by the Joint Ministerial Monitoring Committee.

The countries also pledged to fully compensate for any overproduction since January 2024 and said they will hold monthly meetings to review market conditions and compliance. Their next meeting is scheduled for April 5.