The Organization of the Petroleum Exporting Countries (OPEC) issued a statement on the 3rd, announcing that seven major "OPEC+" oil-producing countries have decided to increase crude oil output by 188,000 barrels per day in June. This is the first decision made by "OPEC+" after the official withdrawal of the United Arab Emirates, and also marks the third consecutive month of announced production increases.
According to Xinhua News Agency, representatives from Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting that day to discuss the situation and outlook of the international oil market. The post-meeting statement said that the seven participating countries decided to increase production on the basis of the voluntary production reduction measures announced in April 2023.
The statement also said that each participating country will exercise caution to maintain market stability and will flexibly adjust production based on market conditions.
The seven "OPEC+" member countries will continue to hold monthly meetings to assess market conditions, compliance, and compensation matters. The next meeting will be held on June 7.
The UAE officially withdrew from OPEC and "OPEC+" on May 1. Analysts believe that the UAE's withdrawal may further exacerbate the ongoing decline in OPEC and "OPEC+"'s market influence.