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+ approved a 188,000 bpd oil output increase for July 2026, its fourth straight monthly hike, but Strait of Hormuz disruptions make it largely symbolic.