OPEC+ agrees in principle on small oil output quota hike without UAE, sources say
The increase is similar to last month's hike of 206,000 bpd minus the share of the United Arab Emirates, which in a surprise announcement this week said it would leave the groupfrom 1 May.
Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy meeting on Sunday.
The increase is similar to last month's hike of 206,000 bpd minus the share of the United Arab Emirates, which in a surprise announcement this week said it would leave the groupfrom 1 May. The decision signals that OPEC+ is pressing on with a business-as-usual approach, one source said earlier.
Both sources spoke on condition of anonymity. The seven members are scheduled to meet online on Sunday.
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The output hikes are largely symbolic for now, with most shipping through the strait of Hormuz halted by the U.S.-Israeli war against Iran that is causing far more disruption to OPEC producers' output than the group's agreed targets.
