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OPEC+ has reached an agreement in principle to raise oil production targets in June, sources familiar with the discussions said, but the increase is expected to remain largely a formality as long as the war between the United States and Iran continues to affect supplies in the Persian Gulf.
Seven OPEC+ countries have agreed to raise production quotas by about 188,000 barrels per day in June, marking the third consecutive monthly increase. The decision is expected to be confirmed at a meeting scheduled for Sunday.
The countries participating in this decision-making are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman. After the United Arab Emirates left the group on May 1, OPEC+ has 21 members, but only these seven countries have been involved in the monthly production decisions in recent years.
The conflict that began on February 28 and the closure of the Strait of Hormuz have severely limited oil exports from the region's major producers, including Saudi Arabia, Iraq and Kuwait. Iranian exports have also been reduced due to a blockade imposed by the US in April.
Industry experts emphasize that the increase in production will have a real effect only after traffic in the Strait of Hormuz reopens, a process that could take several weeks or months to normalize.
Supply disruptions have pushed oil prices to their highest in four years, above $125 a barrel, as analysts warn of potential jet fuel shortages and rising global inflation.
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