A group of OPEC+ countries has agreed in principle to a small increase in oil production targets, according to sources familiar with the matter. The planned hike is about 188,000 barrels per day for June. The decision comes ahead of an upcoming virtual policy meeting.
The agreement involves seven key members, including Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. The increase is similar to last month’s adjustment but slightly lower due to changes in membership. The United Arab Emirates has reportedly stepped away from the group’s production coordination framework.
Read more: Russia says OPEC+ steady after UAE exit
Despite the planned hike, analysts say the impact may be limited. Ongoing disruption in global shipping has reduced the effectiveness of output changes. Much of the trade through the Strait of Hormuz remains affected by regional conflict.
The broader oil market has been heavily influenced by geopolitical tensions linked to the US-Iran conflict. Several Gulf producers have seen reduced export capacity due to shipping constraints. Russia has also reported output cuts following infrastructure damage.
Read more: OPEC+ agrees to boost oil output when Hormuz reopens
Crude production among OPEC+ members has already declined significantly in recent months. Market observers describe the planned increase as largely symbolic under current conditions. Supply dynamics continue to be shaped more by conflict than production policy.