OPEC announces a rise in crude production of 188,000 barrels daily
Saudi Arabia, Russia and five other OPEC countries will increase their oil production quotas at the organisation's first meeting.
After meeting online and two days after the departure of the United Arab Emirates from OPEC, Saudi Arabia, Iraq, Kuwait and Algeria (all from OPEC), thus as Russia, Oman and Kazakhstan announced in a statement that the alliance's production will be increased by 188,000 barrels daily (bd) starting in June 2026.
In the text, the Organization of Petroleum Exporting Countries and its allies recall that this “voluntary adjustment” is added to the pumping rise announced last April (206,000 bd), which “reaffirms its commitment to market stability”.
The obstacle of the strait of Hormuz
“Countries will continue to closely monitor and evaluate market conditions and in their continued efforts to support market stability,” notes the seven.
The rise announced today is only theoretical, since the producers of the Persian Gulf are still not able to export part of their crude due to the blockade of the Strait of Hormuz due to the unresolved war between Iran and the United States.