OPEC+ has agreed to an increase in oil output of 188,000 barrels per day, the cartel said on Sunday, as it pushes on with production in the first meeting since the loss of its key member, the United Arab Emirates.
The group of seven major oil producers announced it would increase June production by slightly less than May's output hike of 206,000 bpd. Sunday's figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1.
The seven participating countries are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
" In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023," OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz — a vital shipping route for global oil and gas supplies — has remained effectively closed.
U.S. crude oil futures fell 3% to close at $101.94 per barrel. The international benchmark Brent crude lost nearly 2% to settle at $108.17. Both are nearly 78% higher since the start of 2026.
President Trump said on Saturday he had been told about the concept of a deal with Iran, but was waiting for the exact wording, while warning there was still the possibility of restarting strikes on the country if Tehran misbehaves.
Concerns around production were amplified further with news of the shock departure of the UAE, the cartel's third-largest producer. The Gulf state concluded that exiting the group was in its national interest following a comprehensive review of its production policy and capacity.
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