Seven members of OPEC+ are leaning towards raising their oil production targets by about 188,000 barrels per day in June, as the alliance presses on despite the surprise departure of the United Arab Emirates, Reuters reported on Saturday, citing sources familiar with the matter.
The planned increase is broadly in line with last month's increase of 206,000 barrels per day, adjusted to reflect the UAE's quota following its surprise announcement this week that it will leave the group effective May 1, the report said. The decision signals a business-as-usual approach from the remaining members.
The seven countries are scheduled to meet online on Sunday.
The United Arab Emirates, OPEC's fourth-largest producer, announced on Tuesday that it will withdraw from the organization after nearly six decades of membership, freeing Abu Dhabi from the production targets the group uses to balance global supply and demand.
The exit came as a shock to the markets, Reuters reported last week.
Delegates said last week that the departure would weaken the producers' group's control over global oil markets, although the remaining members are expected to stay together and continue coordinating on supply policy.
Abu Dhabi pumped around 3.40 million barrels per day before the production cuts linked to the US-Israeli war on Iran — nearly 3% of global crude oil supplies — making it the largest producer to ever leave the organization.
