OPEC+ has approved a modest 188,000 barrels per day (bpd) increase in production quotas for June, even as the United Arab Emirates (UAE) formally exits the oil alliance.
The decision was reached during a virtual meeting on Sunday and comes at a time of heightened uncertainty in global oil markets, driven by geopolitical disruptions and supply constraints.
While the increase is largely symbolic due to logistical bottlenecks affecting exports, it signals the group’s intention to maintain a stable production stance despite internal fragmentation.
OPEC+ confirmed that seven participating countries, led by Saudi Arabia and Russia, will implement a combined output adjustment of 188,000 bpd starting next month. The group said the move forms part of previously agreed voluntary production adjustments announced in April 2023.
“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 stated.
However, actual delivery of the additional barrels remains uncertain due to disruptions affecting export routes, particularly the Strait of Hormuz.
At the same time, OPEC+ data highlights broader instability in supply. Crude oil output from the group fell sharply by 27.5% to 20.79 million bpd in March, marking one of the steepest declines in decades.
This production adjustment comes as the group continues efforts to restore output paused during earlier cuts, even as global supply chains remain under pressure.
