OPEC+ hikes oil production quotas without mentioning UAE pull-out

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Untapped OPEC+ reserves are chiefly located successful the Gulf region, and exports determination are trapped by the blockade of the captious Strait of Hormuz, imposed by Iran successful effect to the U.S.-Israeli strikes that started the warfare connected February 28. File | Photo Credit: AFP

Saudi Arabia, Russia and 5 different OPEC+ countries accrued their lipid accumulation quota connected Sunday (May 3, 2026) successful an expected determination aimed astatine demonstrating continuity astatine the cartel aft the daze withdrawal of the United Arab Emirates.

The 7 large producers volition adhd "188,000 barrels per day" to their full accumulation quota for June, arsenic portion of "their corporate committedness to enactment lipid marketplace stability," according to a connection published by OPEC+. The connection made nary notation of the United Arab Emirates, which discontinue the assemblage this week.

Published - May 03, 2026 05:17 p.m. IST

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