OPEC+ Plans 188,000 BPD Output Hike in June to Stabilise Oil Markets

OPEC and its allies have agreed to raise oil production by 188,000 barrels per day in June. This increase, though smaller than May’s boost of 206,000 BPD, aims to steady a tense global market following the UAE’s recent exit. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will see higher quotas. Nigeria, with a 1.5 million BPD target, still struggles to meet its production limit. The alliance says this step is part of ongoing efforts to keep markets balanced. Supply concerns have grown amid Iran-US negotiations and tensions around the Strait of Hormuz. Brent and US crude prices fell by about 2% and 3% respectively after Iran’s peace proposal raised hopes of a deal. OPEC+ will reconvene on June 7 to reassess market conditions and next moves.

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