OPEC+ members announced plans on May 14, 2026, to continue gradual oil production quota increases through September. The alliance aims to restore 1.65 million barrels per day of output previously cut in 2023. A scheduled increase of 188,000 barrels per day will take effect in June.
Middle East conflict has effectively closed the Strait of Hormuz. This closure prevents Persian Gulf producers from physically exporting the additional supply. Saudi Arabian production dropped in April to its lowest level since 1990.
The group will meet on June 7 to review production policy for July.