OPEC+ approves a 188,000-barrel-a-day oil output increase for June after UAE exit
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.
How left and right read it
Left says
What stands out is the gap between the stated goal of supporting oil market stability and the reports that this higher June target may have limited immediate effect on actual supply because Gulf exports remain disrupted. After a third straight monthly increase, the practical question is whether headline production targets are doing much to cushion people from instability when the underlying disruption remains unresolved.
Is this how the left would actually put it?
Right says
The notable point is that seven countries are still coordinating output targets after the United Arab Emirates’ May 1 departure, adjusting the June increase to 188,000 barrels a day because its share is no longer included. That suggests an effort to preserve continuity and market stability through a changed membership structure, even if the immediate supply effect is limited.
Is this how the right would actually put it?
The receipts — 100 sources
Wire services (6)
Independent coverage (94)
GoodreturnsOPEC+ Oil Output Hike Faces Strait of Hormuz Closure And War...
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ANSA.itOpec+ aumenta la produzione di 188mila barili al giorno - Ul...
El Mercurio de SantiagoOPEP+ anuncia aumento de la producción de petróleo de 188.00...
SudOuest.frPétrole : l'Opep+ maintient ses quotas de production malgré ...
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The Wall Street JournalOPEC Signals Unity After U.A.E. Exit With Pledge to Boost Oi...
DIE WELTNach Austritt VAE: Opec+ erhöht Öl-Förderung - Konflikt um H...
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DIE WELTOpec+ hebt Ölproduktions-Ziel weiter an - nun ohne Emirate -...
Yahoo! FinanceOPEC+ hikes oil production quotas but stays mum on UAE pull-...
Le Monde.frPétrole : l'OPEP + augmente ses quotas comme prévu, sans com...
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Hindustan TimesUAE's exit from OPEC: Strategic implications
RTOPEC+ makes first output decision after UAE exit - Reuters ...
Коммерсант.ruСемь стран ОПЕК+ приняли первое решение по добыче нефти посл...
Bloomberg BusinessOPEC+ Agrees to Symbolic June Quota Increase, Delegates Say
BFMTVPour sa première réunion depuis le départ surprise des Émira...
Deutsche WelleReuters: ОПЕК+ после выхода ОАЭ хочет увеличить добычу нефти
Le Monde.frEN DIRECT, guerre au Moyen-Orient : Donald Trump dit qu'une ...
El UniversalLa OPEP+ evalúa hoy su oferta para junio | El Universal
Le Figaro.frPétrole : l'Opep+ se réunit pour la première fois sans les É...
infobaeLos miembros de la OPEP redefinen su estrategia tras el cimb...
Bloomberg BusinessOPEC+ Meeting Offers Chance to Show Unity After UAE's Shock ...
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