Seven OPEC+ members, including Saudi Arabia and Russia, will increase their collective production quota in June. This move adds 188,000 barrels per day to the market. The alliance finalized this decision during a virtual meeting on May 3.
The group aims to stabilize markets as geopolitical tensions constrain supplies through the Strait of Hormuz. This adjustment marks the first production change since the United Arab Emirates withdrew from OPEC and OPEC+ on May 1.
Members describe the modest hike as a cautious step. The alliance will monitor market conditions closely and retains the flexibility to reverse course if necessary.