OPEC+ and its allies agreed to increase oil production by 188,000 barrels per day (bpd) for June. A core group of seven producers, including Saudi Arabia and Russia, finalized the deal. This represents the first production decision since the United Arab Emirates formally exited the alliance on May 1.
The June supply hike is lower than the 206,000 bpd adjustment implemented for May. Participating members stated the move demonstrates a continued commitment to market stability.
The decision comes amid geopolitical uncertainty in the Middle East and potential risks to the Strait of Hormuz shipping route. U.S. crude futures and Brent crude prices both declined in early trading.