OPEC+ agrees in principle on small oil output quota hike without UAE, sources tell Reuters

Middle East News
02-05-2026 | 07:33
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OPEC+ agrees in principle on small oil output quota hike without UAE, sources tell Reuters
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OPEC+ agrees in principle on small oil output quota hike without UAE, sources tell Reuters

Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy meeting on Sunday.

The output hike is largely symbolic for now, with most ?shipping through the Strait of Hormuz halted by the U.S.-Israeli war on Iran, which is causing far more disruption to the producer group's output than its agreed targets.

The increase is similar to last month's hike of 206,000 bpd minus the share of the United Arab Emirates, which in a surprise announcement this week said it would leave the group from May 1. The decision signals that OPEC+ is pressing on with a business-as-usual approach, one source said earlier.

Both sources spoke on condition of anonymity. The seven members are scheduled to meet online on Sunday.

Reuters

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