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Seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) met virtually on June 7, 2026 and agreed to add 188,000 bpd to July production. The statement said the voluntary cuts from April 2023 may be returned in part or in full depending on market conditions.
The members reaffirmed flexibility to pause or reverse the increases.
The increase is small relative to the supply lost through Hormuz, so it does little to offset the energy supply shock. Feed buyers should watch whether the group's flexibility leads to a faster return of barrels later in the year.
spa.gov.saJun 7, 2026After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.
After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
