Oil Prices Surge as OPEC+ Increases Production Quota for June 2026

The OPEC+ group of oil-producing countries has agreed to increase its production target by around 188,000 barrels per day in June 2026. This decision marks the third consecutive monthly quota increase. The move is being taken while conflicts in the Middle East continue to disrupt global energy supplies. Reuters reports that seven countries have agreed to the production increase. These countries consist of Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. The United Arab Emirates officially exits OPEC+ from 1 May 2026. The number of members now stands at 21 countries, including Iran. Production levels have previously been heavily influenced by these seven countries along with the UAE. These countries previously had the capacity to increase production. The situation has changed after distribution routes were disrupted. Iran has also experienced a decline in exports. The decline occurred after the United States imposed a blockade since April. A Reuters source states that the 188,000 barrels per day production increase is symbolic. Oil shipments have not yet returned to normal while the conflict continues and the Strait of Hormuz has not fully recovered. Supply disruptions have driven up global oil prices. Prices have temporarily breached $125 per barrel in the US. This level is the highest in the last four years. Analysts are beginning to predict the risk of aviation fuel shortages within one to two months. Global inflationary pressures are also rising in line with the increase in energy prices. This production quota increase is nearly equivalent to the previous month’s figure of 206,000 barrels per day. The figure has been adjusted following the United Arab Emirates’ exit from OPEC+. This step shows that OPEC+ is continuing its usual production approach. The organisation is considered ready to increase supplies when the conflict eases. Russia has also cut production. The cut occurred after Ukrainian drone attacks damaged energy infrastructure.