OPEC+ core members expected to approve July 2026 output rise
Business
Seven core OPEC+ members are expected to approve a slight bump (188,000 barrels a day) to their oil output target for July 2026, with the official decision expected at its June 7 meeting.
This comes even as the group faces big production challenges from a conflict involving Iran, which has hit major exporters like Saudi Arabia, Iraq, and Kuwait.
OPEC+ output fell to 33.19 million b/d
OPEC+ has seen its overall oil production drop sharply (from 42.77 million barrels a day in February to 33.19 million barrels a day in April) despite Gulf producers cutting back and the United Arab Emirates leaving the group.
Despite all this turbulence, they're focused on keeping things steady and sticking together as they move forward with their July plan.