OPEC+ provisionally agrees June oil supply increase
Updated
Updated · Bloomberg · May 2
OPEC+ provisionally agrees June oil supply increase
14 articles · Updated · Bloomberg · May 2
Seven countries led by Saudi Arabia and Russia would add 188,000 barrels a day next month, with the deal due for final approval at a video conference on Sunday.
The move is the group's first since the UAE's surprise exit and is described as modest but symbolically important for supply policy.
The planned rise broadly matches expectations reported last week and follows April's 206,000 bpd increase, which excluded the UAE's share.
Amidst a record supply shock, can OPEC+'s symbolic production hike actually stabilize volatile oil markets?
With the world's main oil artery blocked, is the era of energy cartels like OPEC officially over?
How will the UAE's exit from OPEC permanently reshape global energy alliances amid the ongoing Middle East war?