OPEC+ Raises June Oil Output Targets by 188,000 Barrels a Day

Overview

• OPEC+ approved a third straight increase in June production targets of 188,000 barrels a day for seven members.
• The change is largely on paper because the Strait of Hormuz remains effectively closed, which holds back near-term exports.
• The decision matches May’s rise after the United Arab Emirates left the group on May 1, and analysts say it is meant to project continuity.
• Saudi Arabia’s June quota rises to 10.291 million barrels a day, far above its reported March output of 7.76 million, showing the wide gap between targets and real supply.
• Disrupted Gulf flows have pushed oil above $125 a barrel and raised the risk of jet fuel shortages and faster global inflation, with another OPEC+ meeting set for June 7.