OPEC+ to raise output by 188K bpd in June

The Organization of the Petroleum Exporting Countries and its partners (OPEC+) said on Sunday that crude oil production is set to increase by 188,000 barrels per day (bpd) in June, confirming expectations, AzerNEWS reports.

The official statement read that the adjustment stems from additional voluntary cuts announced in April 2023 and may be reversed depending on market conditions, emphasizing a cautious approach and flexibility in output decisions under Joint Ministerial Monitoring Committee (JMMC) monitoring.

The seven OPEC+ countries stressed that they will continue to monitor conditions and adjust output if necessary. The next meeting is set for June 7, 2026.