OPEC+ Agrees Third Consecutive Monthly Output Increase for June 2026

Seven OPEC+ member states — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — agreed to raise collective output by 188,000 barrels per day for June 2026, the group's third consecutive monthly production increase. Saudi Arabia's individual quota was set at 10.291 million bpd. Analysts described the decision as largely symbolic given ongoing Strait of Hormuz disruptions from the US-Iran conflict that have fundamentally reshaped global oil supply routes. Much of Saudi Arabia's exports had already been redirected via the East-West Pipeline to the Red Sea terminal at Yanbu, insulating Riyadh from the worst supply chain disruptions.