Exterior views of OPEC (Organization of the Petroleum Exporting Countries) headquarters in Vienna, Austria, on April 28, 2026. Christian Bruna/Getty Images
OPEC+ said on May 3 that seven member countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase as the alliance gradually unwinds earlier production cuts. The group announced the decision after a virtual meeting to review global market conditions.
The countries will ease voluntary production cuts that were first implemented in 2023 by key producers, including Saudi Arabia and Russia, along with Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
