OPEC+ approves a 188,000-barrel-a-day oil output increase for June after UAE exit
Analytical frames for this storyTap to explore
The Facts
- Seven OPEC+ countries agreed to increase their oil production target by 188,000 barrels per day for June.
- The June decision was made after the United Arab Emirates left OPEC and OPEC+, with its departure taking effect on May 1.
- The countries participating in this production decision are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman.
- The 188,000-barrel-a-day increase is lower than the 206,000-barrel-a-day increases announced for April and May because the UAE’s share is no longer included.
- OPEC+ described the increase as part of the participating countries’ commitment to support oil market stability.
- Several reports say the higher June target is expected to have limited immediate effect on actual oil supply because exports from the Gulf remain disrupted by the conflict involving Iran and conditions around the Strait of Hormuz.
- This is the third consecutive monthly increase in output targets by the seven-country group.
Context
Why is the increase 188,000 barrels a day instead of 206,000?
Recent monthly increases were 206,000 barrels a day, but the June figure is lower because it no longer includes the UAE’s allocation after its exit from OPEC and OPEC+ T-online.de,CNBC,Yahoo! Finance.
Who made this decision?
The decision was taken by seven OPEC+ producers: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which met virtually to review market conditions and set June output targets MoneyControl,CNBC,Yahoo! Finance.
What remains uncertain after this announcement?
The main unresolved issue is how much the higher quota will matter in practice while Gulf oil flows remain disrupted by the conflict involving Iran and shipping problems around the Strait of Hormuz; several reports say the increase may remain mostly on paper until those disruptions ease NYT,CNBC,Yahoo! Finance.
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Wire services (6)
Independent coverage (50)
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