Seven major exporters of crude reportedly agreed to add 188,000 barrels a day in June<\/p>\n
Seven OPEC+ countries have agreed to raise oil output targets by about 188,000 barrels per day (bpd) in June, Reuters reported on Saturday, citing two sources familiar with the group\u2019s plans. The report comes as the US-Israel war with Iran continues to disrupt Gulf oil supplies and follows days after the United Arab Emirates (UAE) quit the cartel.
\nThe UAE, one of the world\u2019s largest oil exporters, withdrew from OPEC and the wider OPEC+ on May 1. According to Abu Dhabi, the decision is driven by national interests and forms part of a long-term strategy \u2013 a \u201csovereign, strategic choice\u201d aimed at giving it greater flexibility over oil output. The country\u2019s share in the organization stood at about 13.5%.
\nOPEC currently includes Saudi Arabia, Iraq, Iran, Kuwait, Algeria, Libya, Nigeria, Gabon, Equatorial Guinea, Republic of the Congo, and Venezuela. It coordinates oil production policies in an effort to stabilize supply in global energy markets. The wider OPEC+ format also includes a group of allied oil-producing countries, most notably Russia, as well as Kazakhstan, Azerbaijan, Mexico, Malaysia, Oman, Bahrain, Brunei, Sudan, South Sudan and Brazil.
\nOne source told Reuters that the decision to raise output signals that OPEC+ continues to take a business-as-usual approach despite Abu Dhabi\u2019s decision, adding that the move will be similar to last month\u2019s hike of 206,000 bpd minus the share of the UAE.<\/p>\n
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The rise in output is largely symbolic at this stage, Reuters noted, as shipping through the Strait of Hormuz remains severely disrupted by the Iran conflict.
\nThe US-Israel bombing campaign on the Islamic Republic and the subsequent closure of the waterway that commonly handles about one-fifth of global energy trade, have sharply reduced exports from key OPEC+ members \u2013 Saudi Arabia, Iraq, Kuwait and the UAE \u2013 which were previously the only countries in the group capable of increasing oil output.
\nIn March, total oil production across all members averaged 35.06 million bpd, down by 7.7 million bpd from February levels, according to OPEC.
\nCommenting on the Emirates\u2019 exit, Kremlin spokesman Dmitry Peskov said that Moscow respects the country\u2019s \u201csovereign\u201d decision. Peskov stressed that Russia has no intention of leaving the group and dismissed suggestions that the UAE\u2019s move could spell the end of OPEC+.<\/p>\n","protected":false},"excerpt":{"rendered":"
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