OPEC+ Agrees to Modest Output Hike Amid Supply Disruptions

Seven members of the OPEC+ have agreed to begin a modest increase in oil production starting in June, citing a commitment to maintaining market stability amid ongoing geopolitical tensions, the Associated Press (AP) reported.

OPEC currently consists of 12 member countries, while the broader OPEC+ alliance includes additional producers such as Russia. (Photo: Wang Zhou, Xinhua)

The participating countries—Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, and Oman—said they would increase output by 188,000 barrels per day.

The group also said it would hold monthly meetings to review market conditions, compliance, and production adjustments, with the next meeting scheduled for June 7.

Despite the planned increase, analysts note the move may have limited impact on global supply, as disruptions linked to tensions in the Strait of Hormuz have already removed millions of barrels per day from the market.

OPEC currently consists of 12 member countries, while the broader OPEC+ alliance includes additional producers such as Russia.