OPEC+ Set to Increase Oil Output Targets Excluding UAE
Seven OPEC+ members are likely to agree on a June output increase of 188,000 barrels per day. The move follows the UAE's exit from the wider producer group.
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Seven OPEC+ members will likely raise oil production targets by 188,000 barrels per day following the United Arab Emirates exit. The group previously planned a 206,000-barrel increase before the UAE announced its departure effective May 1. Supply remains constrained as conflict between Israel and Iran effectively closes the Strait of Hormuz.
