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OPEC ministers agreed on June 7 to raise July oil quotas by 188,000 bpd in a video meeting. Rystad Energy analyst Jorge Leon said the increase means very little while the Strait of Hormuz remains closed.
The statement said the group wanted to accelerate compensation for overproduction at a time of historically high oil prices.
Analysts view the increase as a policy signal rather than real supply, so it is unlikely to move prices materially. Energy costs for feed mills and transport remain driven by Hormuz disruption.
rigzone.comAndreas ExarheasJun 8, 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.
