OPEC+ Agrees June Output Change, Signals Market Stability

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Vienna: Major oil producers in OPEC+ have agreed to slightly increase oil output in June, while reaffirming their commitment to keeping the global market stable.

Seven countries, including Saudi Arabia and Russia, decided to raise production by about 188,000 barrels per day. The move is part of earlier plans to gradually adjust supply based on market needs.

Officials said the group remains flexible and can increase, pause, or reverse production changes depending on global conditions. They also stressed the need to stick to agreed limits and compensate for any past overproduction.

However, the increase is seen as mostly symbolic because ongoing geopolitical tensions—especially disruptions in key shipping routes like the Strait of Hormuz—are limiting actual oil exports.

The decision also comes shortly after the United Arab Emirates exited OPEC, raising questions about unity within the group. Despite this, members said they remain committed to cooperation and market stability.

The group will continue to monitor global oil demand and supply closely, with another meeting scheduled to review the situation and adjust policies if needed.