3/5/2026, 10:48:02 am

OPEC+ provisionally agrees to June quota increase

OPEC+ agreed to a provisional 188,000-barrel-per-day increase to supply targets for June, led by Saudi Arabia and Russia. This increase is largely symbolic due to the Strait of Hormuz blockade by the US-Israeli conflict with Iran, hindering actual output implementation. The agreement will be finalized in a video conference on Sunday.