Accounting for all voluntary restrictions and compensation schedules set for May, OPEC+ countries were expected to pump 34.559 million bpd

OPEC+ agreed to raise oil production quotas by 188,000 barrels per day for July 2026, but Strait of Hormuz tensions make the increase largely symbolic.

OPEC oil output in May plummeted to its lowest in over two decades, dropping by 1.06 million barrels per day. This significant decline was primarily driven by a U.S. naval…