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OPEC+, a coalition of major oil producers led by Saudi Arabia and Russia, raised its oil production quota for June by 188,000 barrels per day in its first meeting without the United Arab Emirates.
The decision came Sunday, with Saudi Arabia, Russia and five other producers moving forward with the increase in a step widely expected by the market. The group kept its supply path unchanged despite the UAE’s recent exit.
The additional 188,000 barrels per day matches earlier projections and follows similar adjustments in March and April, when output rose by 206,000 barrels per day, excluding the UAE’s share.
OPEC+ stated that seven participating countries reaffirmed their "collective commitment to support oil market stability" as the basis for the increase. The text made no mention of the UAE’s withdrawal, the group’s fourth-largest producer before its exit.
The new total production targets for the countries stand at 10.3 million bpd for Saudi Arabia, 9.8 million bpd for Russia, 4.4 million bpd for Iraq, 2.6 million bpd for Kuwait, 1.6 million bpd for Kazakhstan, 989,000 bpd for Algeria and 826,000 bpd for Oman; totaling 30.5 million bpd.
Much of OPEC+’s spare capacity sits in the Gulf, where exports have been held back by Iran’s blockade of the Strait of Hormuz, imposed after U.S.-Israeli strikes triggered conflict on Feb. 28.
Global oil output fell to 97 million barrels per day in March, down by 10.1 million barrels per day. Within the group, production dropped by 9.4 million barrels per day month-on-month to 42.4 million barrels per day, one of the largest disruptions on record, the International Energy Agency (IEA) reported.
The UAE confirmed Friday that it was leaving OPEC and OPEC+ to pursue an independent production strategy.
Strains within the alliance had been mounting for years, as Abu Dhabi pushed back against production caps that kept its output near 3.4 million barrels per day, arguing the limits failed to reflect its expanding capacity.
The dispute centered on its baseline quota, which the UAE repeatedly sought to raise to match capacity nearing 4.8 million barrels per day, putting it in direct friction with neighboring Saudi Arabia, the group’s leading exporter, over market strategy.
The country is targeting an output of 5 million barrels per day and plans to expand investments to reach that level. Most recently, state oil company ADNOC announced the same day that it would award $55 billion in upstream and downstream projects over the next three years.
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