OPEC+ agreed to increase oil production by 188,000 barrels per day starting in June, slightly less than its previous monthly increase, as it continues coordinated output adjustments among major producers.

The decision comes during ongoing global supply disruptions linked to the Iran conflict, which has affected key shipping routes like the Strait of Hormuz and pushed oil prices higher.

The meeting was the first since the UAE’s departure from the group, with remaining members including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

Oil markets have remained volatile, with prices recently falling on hopes of a potential Iran peace proposal but still far above early-2026 levels, CNBC has reported.

Officials say the production increase is aimed at stabilizing markets amid geopolitical uncertainty and shifting supply dynamics.