OPEC PLANS TO RAISE OIL OUTPUT BY 188,000 BPD IN JUNE
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By:Tajudeen Aminat
The development was announced in a statement issued by the group on Sunday, as it continues production following its first meeting since the departure of its key member, the United Arab Emirates.
The development was announced in a statement released by the group on Sunday, as it continues with production following its first meeting since the departure of its key member, the United Arab Emirates (UAE). The figure does not include the UAE’s share of output, after it officially exited OPEC on May 1.
The June increase is slightly lower than May’s output hike of 206,000 barrels per day (bpd).
The production adjustment will benefit seven participating countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. Nigeria, with a quota of 1.5 million bpd, has long struggled to meet its production 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 stated.
Global oil supply has been constrained since the Iran conflict began on February 28, with the Strait of Hormuz—an essential route for global oil and gas shipments—remaining effectively closed.
Oil prices declined over the weekend after Iran submitted a revised peace proposal to mediators in Pakistan, raising renewed hopes of a potential agreement with the United States. The seven OPEC+ members are scheduled to meet again on June 7, according to the statement.
U.S. crude oil futures fell 3 percent to close at $101.94 per barrel, while Brent crude dropped nearly 2 percent to settle at $108.17. Both benchmarks remain about 78 percent higher since the start of 2026.
The United Arab Emirates played a significant role in OPEC’s decision-making for nearly six decades and ranked as the group’s third-largest oil producer in February, after Saudi Arabia and Iraq.
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