OPEC+ is preparing to increase oil production due to the ongoing blockade of the Strait of Hormuz
The OPEC+ alliance countries have reached a preliminary agreement to increase oil production by approximately 188,000 barrels per day in June 2026. This move will mark the third phase of monthly production limit increases aimed at stabilizing the global market.
This was reported by Reuters.
Implementation of the plan is currently complicated by the blockade of the Strait of Hormuz due to the conflict between the U.S. and Iran, which has been ongoing since late February. The closure of this route has paralyzed exports of crude oil from Saudi Arabia, Iraq, and Kuwait, meaning that any increase in quotas remains purely formal for now. Experts note that even after the blockade is lifted, it will take several months to restore logistics.
Today, May 3, key members of the group, including Saudi Arabia, Russia, and Iraq, are meeting to finalize their strategy. Despite the UAE’s recent withdrawal from the organization, the remaining members of the alliance continue to adhere to the agreed-upon course. The group aims to demonstrate its readiness to quickly compensate for the oil shortage as soon as safe shipping in the region is restored.
Oil prices have fallen due to the UAE’s withdrawal from OPEC and tensionssurrounding Iran.
As a reminder, OPEC oil exports plummeted to a record low in March.
Earlier, OPEC+ agreed to a minimally symbolic increase in oil production amid the war in Iran, starting in May 2026.
