finance
OPEC+ Increases June Oil Output by 188,000 Barrels Per Day
OPEC+ agreed to increase oil production targets by 188,000 barrels per day for June in its first meeting without the United Arab Emirates, which departed the group last week. The decision comes amid the ongoing U.S.-Israel war on Iran, which has closed the Strait of Hormuz since February 28 and disrupted global oil supplies.
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Al JazeeraAudio version
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OPEC+ agreed to increase oil output by 188,000 barrels per day for June, the group announced in a statement following a virtual meeting of seven participating countries on Sunday. The seven countries—Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia—decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023, according to the OPEC+ statement.
com reported.
OPEC+ has 21 members, including Iran, but in recent years only the seven nations plus the UAE have been involved in monthly production decisions, Al Jazeera reported. The OPEC+ statement made no mention of the United Arab Emirates. com.
291 million barrels per day in June under the agreement. 76 million barrels per day to OPEC in March.
Iraq and Saudi Arabia made the biggest cuts due to constrained exports. The agreement is seen as symbolic because of the effective closure of the Strait of Hormuz, @WSJ reported. com.
Com reported. com reported. Oil prices reached more than $125 per barrel amid the supply disruption, Al Jazeera reported.
U.S. com reported. com.
Com reported. President Donald Trump said on Saturday he had been told about the concept of a deal with Iran but was waiting for the exact wording. President Donald Trump warned on Saturday there was still the possibility of restarting strikes on Iran if Tehran misbehaves.
U.S. blockade of Iran while leaving talks on Iran's nuclear program for later. The global oil market normally supplies roughly 100 million barrels per day, but the Hormuz closure has removed about 10 million barrels a day from global supply, Responsible Statecraft reported.
