World · 4 May 2026
OPEC+ raises oil output by 188,000 barrels after UAE exit
Seven OPEC+ countries have agreed to raise oil production by 188,000 barrels a day from June, in their first decision since the UAE walked out of the cartel last week. The virtual meeting on Sunday included Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The hike is largely symbolic as members are still unable to ship oil through the blocked Strait of Hormuz, with the next meeting set for 7 June.
Reported by CNBC · How we write briefs