OPEC+ to Lift June Output by 188,000 Barrels per Day as Saudi Arabia, Russia and Five Allies Sign Off

Seven members of the OPEC+ alliance — comprising the Organization of the Petroleum Exporting Countries and its partners — announced they would increase global crude oil output by 188,000 barrels per day starting in June. The decision was taken at an online meeting on Sunday, 3 May 2026, attended by representatives of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.

According to OPEC's official statement, the increase represents an adjustment to the 1.65 million barrels per day of additional voluntary production cuts announced in April 2023. The seven countries are expected to partially unwind those cuts in line with their commitment to support market stability. The meeting also reviewed current global oil market conditions and forward projections, with the group framing the decision as consistent with market expectations.

OPEC+ underscored a cautious posture in its statement: the production increase is not fixed and can be paused or fully reversed in the event of a deterioration in market conditions or a change in demand. The flexibility clause re-emphasises that price stability has been the central frame of the group's output policy in recent months.

The decision arrives at a critical moment for global crude supply: geopolitical tension at the Strait of Hormuz, Ukraine's strikes on Russian energy infrastructure in the Black Sea, and Iranian tankers turning off AIS signals to evade sanctions have all increased uncertainty in oil logistics in recent weeks. The June increase may provide modest relief on the supply side for consumer countries, but recent price action has shown that route security and tanker capacity are weighing more heavily than production discipline alone.

The group will continue to monitor member compliance and market conditions monthly. The next critical meeting is scheduled for 7 June 2026, where a new roadmap is expected based on summer-demand projections. On the supply-chain side, refining margins, freight rates and commodity inventory levels will be the key indicators measuring the real impact of this adjustment beyond June.

Key Takeaways:
1. Seven OPEC+ members approved a 188,000 bpd output increase for June.
2. The hike is a partial unwind of the 1.65 million bpd voluntary cuts announced in April 2023.
3. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman are signatories.
4. OPEC+ does not treat the increase as fixed: it can pause or fully reverse if market conditions deteriorate.
5. The next meeting is scheduled for 7 June; summer demand projections will shape the new roadmap.