Ships and boats in the Strait of Hormuz, Musandam, Oman, on May 1, 2026. Stringer/Reuters
OPEC+ said Sunday that seven member countries will raise oil output targets by 188,000 barrels per day in June, marking the third consecutive monthly increase as the alliance gradually unwinds earlier production cuts. The group announced the decision after a virtual meeting to review global market conditions.
The countries will ease voluntary production cuts that were first implemented in 2023 by key producers including Saudi Arabia and Russia, along with Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
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