OPEC+ members are meeting on June 7, 2026, to discuss oil production levels, but the ongoing war in Iran and the closure of the Strait of Hormuz are severely limiting the cartel's ability to influence global oil prices, analysts say.
According to verified reports, the Strait of Hormuz has been effectively shut since US and Israeli attacks on Iran began in late May 2026. This chokepoint handles about 20% of the world's oil supply, and its closure has sent crude prices soaring above $120 per barrel.
Even if OPEC+ vows to ramp up output by thousands of barrels per day, geopolitical realities mean they probably won't move the needle on prices, experts told Reuters and other news agencies. Many member nations are already producing near capacity or face infrastructure damage from regional instability.
The meeting comes as Iran's oil exports have collapsed to near zero due to the conflict, and Saudi Arabia has signaled it could increase output, but logistical constraints and the Hormuz blockade make delivery uncertain.
