Earlier, the United Arab Emirates announced that it would withdraw from both the Organization of the Petroleum Exporting Countries and the OPEC+ alliance, effective May 1, 2026.
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https://sputnikglobe.com/20260502/seven-opec-countries-plan-to-increase-oil-production-limits-1124075017.html
Seven OPEC+ countries (Russia, Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman) have preliminarily agreed to increase the target oil production level by approximately 188,000 barrels per day in June, despite the UAE leaving the alliance, media reports.
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"Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, the third consecutive monthly increase, pressing on with plans despite the war and the departure of the United Arab Emirates from the group this week," the report said.The sources noted that the increase in the production limit is comparable to the May increase of 206,000 barrels per day, it will simply exclude the UAE's share, as the UAE announced its withdrawal from OPEC and OPEC+. The actual quota increase will be symbolic because shipping through the Strait of Hormuz - a key route for oil supplies from Gulf countries - remains constrained.The meeting of the seven countries is scheduled to be held online on Sunday, where they plan to discuss oil production levels for June.
https://sputnikglobe.com/20260428/saudi-rift-iran-war-and-hormuz-trap-factors-that-may-have-pushed-uae-to-quit-opec-1124057303.html
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© AP Photo / Jeri ClausingOil rigs stand in the Loco Hills field along U.S. Highway 82 in Eddy County, near Artesia, N.M., one of the most active regions of the Permian Basin.© AP Photo / Jeri Clausing
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