Seven OPEC+ countries have agreed to increase oil production in June, despite the recent withdrawal of the United Arab Emirates (UAE). The group plans to raise output by 188,000 barrels per day—a move widely seen as a symbolic gesture amid growing uncertainty about the alliance’s cohesion following the UAE’s departure.
A Symbolic Adjustment
This month’s increase mirrors last month’s 206,000-barrel-per-day hike, minus the UAE’s share, according to sources cited by Reuters. The UAE had been OPEC’s third-largest producer, pumping roughly 2.9 million barrels daily before its exit.
Broader Disruptions Overshadow Output Decisions
The production adjustment has limited practical impact so far: most fuel shipments through the Strait of Hormuz have been suspended due to the ongoing conflict between the U.S., Israel, and Iran. A recent Goldman Sachs report estimated that war-related damage to energy infrastructure in Iran has cut Gulf crude output by 14.5 million barrels per day—roughly 60% below pre-war levels in April.