OPEC+ has agreed an increase in oil output of 188,000 barrels per day, the group said on Sunday, as it pushes on with production in the first meeting since the loss of its key member, the United Arab Emirates.
The group of seven major oil producers announced it would increase June production by slightly less than May's output hike of 206,000 bpd. Sunday's figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1.
The seven countries included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
"In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023," OPEC said in its statement.
Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed.
Oil prices fell Friday after Iran sent an updated peace proposal to mediators in Pakistan, raising hopes again that a settlement with the U.S. is still possible.