WorldPosted at: Jun 7 2026 7:00PM


OPEC approves fourth consecutive oil uutput hike amid Hormuz disruption

London, Jun 7 (UNI) Seven key OPEC members Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman on Sunday agreed to raise its oil output targets for the fourth consecutive month, according to a statement from the group, even as the ongoing US-Iran war continues to restrict production capacity among several member countries.
The countries, which had previously announced additional voluntary production cuts in April and November 2023, held a virtual meeting to review global oil market conditions and outlook and agreed to adjust oil production and reaffirm their commitment to maintaining global market stability..
In a joint statement, the group said it will implement a production adjustment of 188,000 barrels per day from the additional voluntary cuts announced in April 2023. The adjustment is scheduled to take effect in July 2026, the statement said.
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