The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to raise oil production by 188,000 barrels per day in June.
The decision was announced in a statement on Sunday, following the group’s latest meeting, which comes amid ongoing adjustments to its production strategy. The figure excludes the United Arab Emirates’ share, following its departure from OPEC on May 1.
The June increase is slightly lower than the 206,000 barrels per day output hike approved for May.
The production adjustment will be shared among seven participating countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. Nigeria, which holds a quota of 1.5 million barrels per day, has continued to fall short of its allocation.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023,” OPEC said.
Global oil supply has remained under pressure amid ongoing geopolitical tensions linked to the Iran conflict, which has disrupted shipping through the Strait of Hormuz—a critical route for global oil and gas flows.
Oil prices declined over the weekend after reports that Iran had sent an updated peace proposal to mediators in Pakistan, raising hopes of a possible diplomatic breakthrough with the United States.
US crude futures fell 3 per cent to $101.94 per barrel, while Brent crude dropped nearly 2 per cent to $108.17. Despite the decline, both benchmarks remain about 78 per cent higher since the start of 2026.
US President Donald Trump said he had been briefed on a potential deal framework with Iran but was awaiting final details, warning that military action could still resume if Tehran fails to comply with expectations.
According to Reuters, a senior Iranian official said a proposal—previously rejected by Trump—would reopen the Strait of Hormuz to shipping, lift U.S. restrictions, and defer discussions on Iran’s nuclear programme.
Meanwhile, uncertainty around supply was heightened by the UAE’s unexpected exit from OPEC, with the country citing national interest after a review of its long-term production strategy. The Energy Ministry said the decision followed a comprehensive policy assessment.
The UAE, one of the bloc’s most influential members for nearly six decades, was the third-largest OPEC oil producer as of February, behind Saudi Arabia and Iraq.
OPEC+ is scheduled to meet again on June 7.
