A new chapter begins in oil production. OPEC+ has decided to increase daily crude output by 188,000 barrels in June. This marks the first meeting since the United Arab Emirates officially left the cartel.
In May, the increase was 206,000 bpd. The new figure is slightly lower. Seven key members – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – endorsed the move. The official statement cited the collective commitment to support oil market stability.
This decision comes amid ongoing supply concerns due to the Iran war, which has effectively shut the Strait of Hormuz – a vital chokepoint for global oil and gas shipments. Oil prices saw a drop on Friday after Iran sent an updated peace proposal via Pakistani mediators. US crude futures fell 3% to $101.94 per barrel, while Brent crude lost about 2% to settle at $108.17. Both benchmarks remain roughly 78% higher since the start of the year.
US President Donald Trump said on Saturday he has been briefed on the concept of a deal with Iran but is waiting for the precise text to be presented. He also warned that strikes could resume if Tehran behaves unacceptably. According to a senior Iranian official cited by Reuters, Tehran's offer – which Trump has not yet accepted – includes reopening the Strait of Hormuz, ending the US blockade, and postponing talks on Iran's nuclear program.
The UAE's unexpected exit from OPEC earlier this week added to supply concerns. According to a statement from the Ministry of Energy, the Gulf state concluded after a comprehensive analysis that leaving the group served its national interests. The UAE had been an influential OPEC member for about six decades and was the third-largest producer after Saudi Arabia and Iraq in February.
