The core group of OPEC+ oil cartel members is increasing production to 548,000 barrels per day in August, it said on Saturday.

The increase by the eight states, including Saudi Arabia and Russia, raises output from the current level of 411,000 barrels per day. The industry-standard measure of a barrel contains 159 litres of oil.

The decision was taken in response to stable global economic conditions, the group said. As has been the case recently, the price will be determined on a monthly basis. Adjustments are possible depending on market conditions, the producers said.

OPEC+ unites the Vienna-based Organization of the Petroleum Exporting Countries (OPEC) under the leadership of Saudi Arabia with partners such as Russia.

Together, they are responsible for around 40% of global oil production. According to the group’s latest data, OPEC+ produced around 40.9 million barrels per day in April.

In recent years, the eight core states of the cartel cut their production by 2.2 million barrels. Since April, the group has begun to gradually reverse the decrease.

Under pressure from the war between Israel and Iran, oil prices rose for a time recently.

The core countries plan to meet again on August 3 to discuss oil production for September.