OPEC+ Core Members Lift June Oil Output by 188,000 Barrels a Day
Seven OPEC+ producers agreed to raise their June oil output target by 188,000 barrels a day as they continued to unwind additional voluntary cuts first announced in April 2023. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman said they were adjusting production in support of oil-market stability, extending the gradual return of supply adopted in recent months and signaling continuity after the United Arab Emirates' surprise exit.
The seven countries said the additional voluntary adjustments may be returned in part or in full depending on market conditions, and that they retain flexibility to increase, pause or reverse the phaseout, including reversing previously implemented cuts announced in November 2023. They will hold monthly meetings to review market conditions, conformity and compensation, with the next meeting scheduled for June 7.
From the sources (25 posts)
@marionawfalOPEC+ is set to raise oil output targets by 188,000 barrels per day from June. It’s their third oil output hike since Iran closed the Strait of Hormuz, and their first since the UAE left the group. The seven members meeting today to agree
@iranintl_enSeven OPEC+ countries agreed to implement a production adjustment of 188,000 barrels per day in June, OPEC said on Sunday. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reaffirmed their commitment to supporting oil marke
@ajenglishSeven members of OPEC+ will meet today to decide on oil production levels for the first time since the UAE left the group. The seven countries are expected to raise their daily production by 188,000 barrels, according to traders. 🔴 LIVE u
@deitaoneOPEC+ TO RAISE OIL OUTPUT TARGETS BY 188,000 BPD FROM JUNE - DRAFT STATEMENT
@joumannatvThis weekend’s talks among OPEC+ nations provide the oil producer group with an opportunity to project unity after the shock departure of longtime member the United Arab Emirates. Before the UAE’s announcement, delegates were expecting a s
@afpSeven OPEC+ members are meeting Sunday to make their first decision on oil-production quotas since the United Arab Emirates' departure from the cartel, which added to the soaring price pressure unleashed by the Mideast war.
@firstsquawkOPEC: The seven countries have decided to adjust production by 188 thousand barrels per day as part of their commitment to supporting the stability of the oil market
@financialjuiceOPEC+ to increase oil production targets by 188,000 bpd from June - draft statement
@businessThis weekend’s talks among OPEC+ nations provide the oil producer group with an opportunity to project unity after the shock departure of longtime member the United Arab Emirates.
@firstsquawkOPEC: The seven OPEC+ member countries indicated that increasing production will provide participating countries with an opportunity to accelerate their compensation.
@firstsquawkOPEC: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust their production and reaffirm their commitment to market stability
@cnbcOPEC+ announces 188,000 barrels-per-day output increase in first meeting without UAE
@wallstengineOPEC+ TO RAISE OIL OUTPUT TARGETS BY 188,000 BPD FROM JUNE
@amena__bakrToday the group of opec plus states offering the voluntary cuts will meet virtually at noon (Vienna timing). The group will continue with the gradual unwinding of the cuts. With Hormuz still restricted, those increments are only on paper. #
@firstsquawkOPEC: The production adjustment enters into force in June 2026
@staunovoIn their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023
@javierblasThe core OPEC+ group agrees to another output hike (with little real impact due to the Strait of Hormuz blockade). The cartel’s statement doesn’t mention in anyway the departure of the UAE from the group (and the silence speaks volumes…)
@gasbuddyguyOPEC+ raises oil production by 188,000bpd starting in June
@staunovoSaudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability #oott
@rusoilgasexpert➡️ OPEC+ will need its members to ramp up to full capacity for months as soon as the Strait of Hormuz reopens and logistics allow. ➡️Continuing to raise official production quotas now - even as members run far below capacity - may seem p
@staunovoThe additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and
@anasalhajjiOPEC+ group of 7, which I call now "V7," decided to increase production ceiling by 188 kb/d. Link:
@amena__bakrNew 188k adjustment in June for opec plus #OOTT
@anasalhajjiهذه الزيادات في سقف الإنتاج سيكون لها دور كبير بعد فتح مضيق هرمز وعودة الإنتاج المغلق..
@staunovoThe seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 7 June 2026. #oott