OPEC+ Key Members Agree to June Production Increase, Symbolically Raising Over 180,000 Barrels

U.S.-Iran War Key News

(Central News Agency, London, May 3, Comprehensive Foreign News Report) Major members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) today agreed to a slight increase in their June production quota, but as long as Iran's war continues to disrupt oil supplies in the Persian Gulf region, this increase will largely remain symbolic.

Reuters reported that a statement released after an online meeting of OPEC+ indicated that seven OPEC+ member countries will increase production by 188,000 barrels per day in June, marking the third consecutive month of increasing oil production.

The seven member countries participating in today's meeting are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.

Bloomberg News reported that the move by major OPEC+ members remains largely symbolic because the organization will not be able to truly implement the production increase unless the currently blocked Strait of Hormuz reopens and Persian Gulf exports resume.

With the withdrawal of the United Arab Emirates in early May, OPEC+ still has over 20 member countries, including Iran.

In recent years, only the aforementioned seven major member countries plus the United Arab Emirates have participated in monthly production decisions. (Compiled by Chen Yanjun) 1150503

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