OPEC+ members consider production increase to stabilize oil prices

OPEC+ ministers are meeting on June 7, 2026, to discuss a potential fourth increase in oil production targets. According to sources, seven member nations may agree to raise output by approximately 188,000 barrels per day starting in July. This move aims to curb rising global oil prices, which have been pressured by supply disruptions in the Strait of Hormuz since late February. While reports indicate that Saudi Arabia is struggling to fulfill supply obligations, analysts note that reduced demand from China, which is utilizing its strategic reserves, currently helps restrain price hikes. Total OPEC+ oil production has significantly declined, dropping from 42.77 million barrels per day in February to 33.19 million in April. Additionally, the organization faces internal instability following the reported departure of the United Arab Emirates after 60 years of membership. Between April and June, seven member countries have previously increased their output by about 600,000 barrels per day to manage the ongoing crisis.