Seven countries within the OPEC+ alliance have agreed to raise their oil production ceiling by 188,000 barrels per day (bpd) in June. This marks the first decision made after the United Arab Emirates left the coalition.
The agreement was reached during an online conference involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. According to the official schedule, Saudi Arabia will have the highest quota at 10.3 million bpd (up 188,000 bpd), while Russia can increase output by 62,000 bpd to 9.8 million bpd. Oman holds the lowest quota at 826,000 bpd.
The increase is seen as a market adjustment expected by global oil traders. OPEC and oil prices remain under scrutiny as supply dynamics shift.
Key producers like Saudi Arabia and Russia are pivotal in this move. OPEC+ members' future steps will be closely watched by market participants.
