OPEC+ announces 188,000 barrels per day output increase in June after UAE exit

Vienna: Seven OPEC+ countries have decided to increase their oil production cap by 188,000 barrels per day in June, in response to the withdrawal of the United Arab Emirates from the bloc, OPEC said in a statement on Sunday.

The countries- Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — made the decision during a virtual meeting today to review global market conditions and outlook.

The increase, which will be implemented in June 2026, is part of adjustments to the additional voluntary production cuts first announced in April 2023.

In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023.

The group said the voluntary adjustments could be returned gradually, either in part or in full, depending on “evolving market conditions and in a gradual manner.”

Reaffirming their commitment to oil market stability, the countries stressed the need for a cautious and flexible approach, noting that production levels could be increased, paused or reversed as necessary, including adjustments introduced in November 2023. (ANI)

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