OPEC+ sources point to 188,000 bpd June increase, largely on paper

Seven OPEC+ members agreed in principle to raise output targets by about 188,000 barrels per day for June, the third straight monthly increase, ahead of a Sunday policy meeting. Sources told Reuters the increase would remain largely on paper while the Strait of Hormuz was closed to most Gulf flows. The UAE, which left the group on May 1, was not part of the increase.

• About 188,000 bpd increase for June
• Third consecutive monthly increase
• Seven participating members
• Increase largely unattainable while Hormuz remains closed