The OPEC+ group announced on Sunday an increase in its oil production, without mentioning the United Arab Emirates’ withdrawal from the group or from OPEC itself.
In a statement released Sunday, OPEC+ said that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman would raise their production targets by an additional 188,000 barrels per day, reaffirming their commitment to market stability.
OPEC+ stated that this increase is “within the total volumes of the additional voluntary adjustments announced in April 2023, and this adjustment is scheduled to be implemented in June 2026.”
The OPEC+ statement clarified that the seven countries will meet on June 7, and will hold monthly meetings to review market conditions.
The Iran-Iraq War and the de facto closure of the Strait of Hormuz have impacted oil exports from OPEC member countries, including Saudi Arabia, Iraq, and Kuwait.
The UAE announced last Tuesday its intention to withdraw from OPEC and OPEC+, a decision made after reviewing its current and future production capacity and based on its national interests, according to a statement published by the Emirates News Agency (WAM).
Jorge León, head of geopolitical analysis at the consultancy Rystad Energy, said at the time that the UAE’s withdrawal “represents a significant shift for the group of oil-producing nations.”
An Emirati expert told CNN that the UAE was “constrained” by OPEC and forced to adhere to quotas that “do not align with its economic strategy.”
