OPEC+ says it will raise oil output by 188,000 barrels per day in June.

It was the cartel’s first meeting since the shock departure of the United Arab Emirates last week.

The latest boost is slightly less than the 206,000 bpd raise OPEC+ proclaimed last month.

Oil exports from the Middle East remain largely choked off due to the Iran conflict.

OPEC+ has agreed an boost in oil output of 188,000 barrels per day, the cartel remarked on Sunday, as it pushes on with production in the first meeting since the depletion of its key member, the United Arab Emirates.

The group of seven major oil producers declared it would rise June production by slightly less than May’s output hike of 206,000 bpd. Sunday’s figure excludes the United Arab Emirates share of output, which officially departed OPEC on May 1. 

The seven countries included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

“In their collective commitment to support oil sector stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments stated in April 2023,” OPEC remarked in its statement.

Oil supply has been choked since the Iran war began on February 28, as the Strait of Hormuz – a vital shipping route for global oil and gas supplies – has remained effectively closed. 

Oil prices fell Friday after Iran sent an updated peace proposal to mediators in Pakistan, raising hopes again that a settlement with the U.S. is still possible.

U.S. crude oil futures fell 3% to close at $101.94 per barrel. The international benchmark Brent crude lost nearly 2% to settle at $108.17. Both are nearly 78% higher since the start of 2026.

U.S. President Donald Trump said on Saturday he had been told about the concept of a deal with Iran, but was waiting for the exact wording, while warning there was still the possibility of restarting strikes on the country if Tehran misbehaves.

Reuters quoted a senior Iranian official as saying on Saturday that an Iranian proposal so far rejected by Trump would open shipping in the Strait of Hormuz and end the U.S. blockade of Iran while leaving talks on Iran’s nuclear program for later.

Concerns around production were amplified further on Tuesday with news of the shock departure of the UAE, the cartel’s third-largest producer.

The Gulf state concluded that exiting the group was in its national interest following a comprehensive review of its production policy and capacity, the Energy Ministry noted in a written statement.

The UAE had played an influential role in OPEC’s decisions over nearly six decades and was the group’s third-largest oil producer in February, behind Saudi Arabia and Iraq. This also touches on aspects of dividends.

– Reuters contributed to this story.