On Sunday, the seven members decided to increase targets by 188,000 bpd from July, OPEC said in a statement.
A view shows the logo of the Organisation of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, May 28, 2024. (Photo: REUTERS/Leonhard Foeger)
08 Jun 2026 03:53AM
LONDON: OPEC+ agreed on Sunday (Jun 7) a fourth increase in its oil output targets in as many months, even though the US war with Iran is still preventing several of the group's members from pumping more.The war has cut oil flows via the Strait of Hormuz, creating the world's biggest-ever supply crisis as key OPEC+ members including Saudi Arabia have been unable to supply customers in full since the end of February. The crisis for OPEC+ deepened when the United Arab Emirates left the Organisation of the Petroleum Exporting Countries after almost 60 years.Seven core members of OPEC+, which groups OPEC and allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day.In reality, the group's production has collapsed due to export cuts by Gulf members, averaging 33.19 million bpd in April compared with 42.77 million in February, according to OPEC figures.IMPACT OF PRODUCTION TARGET INCREASE
