OPEC+ agrees on modest June oil output hike amid Iran war disruptions

OPEC+ decided to increase oil output targets by 188,000 barrels per day in June, marking the third consecutive monthly rise. However, this increase is mostly symbolic as the ongoing Iran war and the closure of the Strait of Hormuz continue to limit actual oil exports from key Gulf producers like Saudi Arabia, Iraq, and Kuwait. The move signals OPEC+'s intent to maintain supply control and continuity despite the UAE's recent exit from the group. The next OPEC+ meeting is scheduled for June 7, with physical supply constraints expected to persist until the conflict and shipping disruptions ease.