Key OPEC+ members will continue monthly production quota increases through September. The group aims to fully reverse the 1.65 million barrel-per-day supply cut initiated in 2023. Delegates confirmed the group intends to revive the final portion of these cuts in three monthly stages.
Ongoing conflict in the Middle East has effectively blocked key export routes like the Strait of Hormuz. Major members are physically unable to deliver additional barrels despite the higher quotas. This situation has drained global inventories at a record pace and maintains elevated oil prices.
The disconnect between official policy and logistical reality signals a persistent structural supply shortage for investors. OPEC+ scheduled its next formal meeting to review July policy for June 7.