OPEC+ agrees on third oil output quota hike since Hormuz closure
OPEC+ has agreed to a modest increase in oil output quotas for June, marking the third consecutive monthly hike since the closure of the Strait of Hormuz due to the Iran war. The 188,000 barrels per day increase will largely remain on paper, as supply disruptions continue to limit actual production from key members. The move signals OPEC+'s intent to maintain market control and continuity despite the UAE's recent departure from the group.
- ▪Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June.
- ▪Saudi Arabia’s quota will rise to 10.291 million bpd, though its actual production was 7.76 million bpd in March.
- ▪The closure of the Strait of Hormuz has severely disrupted exports from Saudi Arabia, Iraq, Kuwait, and the UAE.
- ▪Oil prices have reached a four-year high above $125 per barrel due to the supply disruptions.
- ▪The seven participating OPEC+ members for the June decision were Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.
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Business OPEC+ agrees on third oil output quota hike since Hormuz closure By Reuters Published May 3, 2026, 6:24 p.m. ET OPEC+ agreed on Sunday a modest oil output hike for June, an increase that will remain largely on paper as long as the Iran war continues to disrupt Gulf oil supplies through the Strait of Hormuz. Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement after an online meeting. The increase is the same as that agreed for May minus the share of the United Arab Emirates, which left the group on Friday.
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