Saudi Arabia, Russia and five other OPEC+ countries increase their oil production quota in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates.
The seven major producers will add “188,000 barrels per day” to their total production quota for June, as part of “their collective commitment to support oil market stability,” according to a statement published by OPEC+. The statement makes no mention of the United Arab Emirates, which quit the body this week.
Oil market analysts had widely expected the increase of 188,000 barrels, which is similar to the 206,000-barrel daily increases OPEC+ announced in both March and April, subtracting the portion allotted to the UAE.
But raising the quota on paper may not have much impact on actual production, which is already short of the limit.
Untapped OPEC+ reserves are mainly located in the Gulf region, and exports there are trapped by the blockade of the vital Strait of Hormuz, imposed by Iran in response to the US-Israeli strikes that started the war on February 28.
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