The OPEC and its allies under OPEC+ have agreed to increase oil production by 188,000 barrels per day in June, as the group continues efforts to stabilise the global market.
The decision was announced in a statement issued after the alliance’s latest meeting — its first since the exit of the United Arab Emirates (UAE), which formally left OPEC on May 1.
The planned output rise is slightly lower than the 206,000 bpd increase approved for May. The adjustment applies to seven member countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
Nigeria, despite holding a quota of 1.5 million barrels per day, has consistently struggled to meet its production target.
OPEC said the move reflects a “collective commitment to support oil market stability,” noting that the increase stems from voluntary production adjustments first announced in April 2023.
Global oil supply has remained under pressure since tensions involving Iran escalated earlier this year, affecting shipments through the strategic Strait of Hormuz — a key corridor for global oil and gas flows.
However, oil prices dipped over the weekend following reports that Iran had submitted a revised peace proposal, raising cautious optimism about a potential de-escalation.
U.S. crude futures fell about 3 per cent to $101.94 per barrel, while Brent crude dropped nearly 2 per cent to $108.17, though both remain significantly higher compared to the start of the year.
The seven OPEC+ countries are scheduled to meet again on June 7 to review market conditions and production levels.
