Opec+ has agreed in principle to raise oil output targets in June, Reuters quotes two sources familiar with the group’s thinking as saying, but the increase will remain largely on paper as long as the US-Iran war continues to disrupt Gulf oil supplies.
Seven Opec+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, the third consecutive monthly increase, pressing on with plans despite the war and the UAE’s departure from the group this week, the sources said ahead of a policy meeting tomorrow.
The seven members meeting tomorrow are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. With the UAE leaving, Opec+ includes 21 members, including Iran, but in recent years only the seven nations plus the UAE have been involved in monthly production decisions.
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