The OPEC+ group has agreed to increase its crude oil production target for the fourth time since the outbreak of war in Iran, which led to the closure of the Strait of Hormuz and severely affected the global energy market.
On Sunday, 7 June 2026 GMT+7, the OPEC+ group reached consensus to raise its crude oil production target for the fourth time in four months, despite the ongoing war between the U.S. and Iran continuing to hinder many members from boosting output.
The conflict has disrupted oil transport through the Strait of Hormuz, triggering the largest oil supply crisis in world history, as key OPEC+ members, including Saudi Arabia, have been unable to deliver full oil shipments to buyers since late February.
Worsening the OPEC+ crisis, the United Arab Emirates (UAE) decided to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) after nearly 60 years of membership, seeking greater autonomy over its production decisions.
The seven main OPEC+ members—a coalition of OPEC countries and allied producers including Russia—have raised production quotas by nearly 600,000 barrels per day from April to June.
However, actual production has sharply declined due to reduced exports from Gulf member countries. OPEC data shows average production in April was 33.19 million barrels per day, down from 42.77 million barrels per day in February.
In a statement on Sunday, OPEC announced that the seven members agreed to raise the production target by another 188,000 barrels per day starting in July. This figure matches June’s increase but is lower than the originally planned monthly rise of 206,000 barrels per day, aligning with the UAE’s withdrawal.
However, Jorge Leon, an analyst at Rystad and former OPEC official, said, “The OPEC+ group’s production increases mean almost nothing as long as the Strait of Hormuz remains closed.”
“But whenever the Strait of Hormuz reopens, the market could quickly shift from concerns about energy shortages to fears of an oversupply.”
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Source:cna