Source: Despite the blockade in the Strait of Hormuz, OPEC+ still plans to increase its July oil production target

BlockBeats News, May 21st - Four sources stated that seven major OPEC+ oil-producing countries are likely to agree to a slight increase in the July production target during a meeting on June 7th, despite continued supply disruptions in some countries due to the Iran conflict. The sources indicated that the monthly production target set by these seven OPEC+ core members is expected to be raised by approximately 188,000 barrels per day.

In the first quarter of 2026, OPEC+ kept production unchanged, but since April, the organization has been increasing its production target monthly, even as the war persists. However, the monthly production increases have been scaled back since the UAE exited the organization in May. Analysts and representatives believe that while the UAE's exit has weakened the organization's market influence, it may strengthen its internal cohesion.

Furthermore, sources stated that the two additional OPEC+ meetings scheduled for June 7th are not expected to make any policy adjustments.