OPEC+ agrees 188,000 bpd June increase despite Hormuz shipping halt
Business
OPEC+ has agreed in principle to raise oil output targets by about 188,000 barrels a day in June 2026, even though tensions are high due to the U.S.-Israel conflict with Iran and most shipping through the Strait of Hormuz is halted.
Despite the drama, seven member countries are moving forward with the increase as part of a business-as-usual approach.
UAE leaves OPEC+ May 1
The United Arab Emirates (UAE) said it would leave OPEC+ as of May 1, so their share isn't part of this new output bump, making it a bit smaller than last month's.
Still, OPEC+ is sticking to its plan and says OPEC+ is pressing on with a business-as-usual approach, showing they're focused on steady market practices despite all the changes.