STRAIT OF HORMUZ — Seven OPEC+ member countries agreed on Sunday to implement a production adjustment of 188,000 barrels per day for June. The decision followed a virtual meeting in which the group reviewed global market conditions and the outlook for oil.

The participating countries are Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia. OPEC+ said in a statement: "In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day."

The group also addressed compensation obligations among its members. OPEC+ said in the statement: "The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation."

Under the adjustment, Saudi Arabia's production quota will rise to 10.291 million barrels per day in June. Saudi Arabia reported actual oil production of 7.76 million barrels per day to OPEC in March.

Crude oil output from all OPEC+ members averaged 35.06 million barrels per day in March, down 7.7 million barrels per day from February. OPEC+ has 21 members in total, including Iran, although in recent years only Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia and the United Arab Emirates have been involved in monthly production decisions.

The Sunday statement made no mention of the United Arab Emirates, which quit OPEC+ on Friday. The UAE announced on Tuesday that it would withdraw from OPEC and the expanded OPEC+ group after disagreeing with its production quotas.

Oil prices reached a four-year high of more than $125 per barrel ahead of the Sunday meeting, according to market data reported alongside the production decision.