Seven OPEC+ countries agreed to raise their combined crude output by 188,000 barrels per day for June, the producer group's first adjustment since the United Arab Emirates withdrew from the alliance.
Who is increasing output
The seven nations lifting production are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The increase forms part of adjustments to the additional voluntary production cuts first announced in April 2023, as the group gradually unwinds earlier curbs.
Market backdrop
The decision lands as oil markets navigate the fallout from the Middle East conflict, which had choked supply through the Strait of Hormuz. The group reaffirmed its commitment to market stability, even as it trimmed its 2026 oil demand forecast.
Sources: OPEC, CNBC, The National.