OPEC+ announces oil production quota increase following UAE exit

OPEC+ has announced an increase in oil production quotas by 188,000 barrels per day for June 2026. This decision involves seven countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The agreement follows the surprise withdrawal of the United Arab Emirates from the bloc earlier in the week. While the increase is scheduled for June, implementation is linked to the conclusion of the ongoing conflict between the United States and Iran. Analysts note that the production targets are largely symbolic due to the closure of the Strait of Hormuz by Iran. Consequently, regional export capabilities remain severely constrained despite these formal changes in policy. The meeting, which took place online, marks the third such quota adjustment this year. Experts warn that unless access to the Strait of Hormuz is restored, the increase will not result in additional oil reaching the market.