Reuters: Seven OPEC+ countries agree to raise oil production ceiling

Seven OPEC+ member states have reached a preliminary agreement to increase their collective oil production target by around 188,000 barrels per day in June, despite the UAE’s reported withdrawal from the alliance, Reuters reports, citing sources.

According to the sources, Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia agreed in principle to raise production targets, continuing to follow the plan even amid the UAE’s exit and ongoing tensions in Iran.

The sources noted that output would increase by 206,000 barrels per day, as in the previous month, with the UAE’s share excluded. 

The increase is expected to remain largely symbolic until maritime traffic resumes through the Strait of Hormuz, a key export route for Gulf oil shipments, where vessel movement remains restricted.

By Jeyhun Aghazada