Countries of oil cartel Opec+ will increase oil production in June, it was announced on Sunday. The move by the group of oil countries is the first since the United Arab Emirates (UAE) announced this week that it would withdraw from the oil cartel.
The meeting took place online between Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait and Oman. The seven major countries will, as expected, add 188,000 barrels of oil per day to their production target. This is a symbolic increase in production, as the important Strait of Hormuz is virtually closed and oil supplies have been seriously disrupted.
In the statement on increasing oil production, the countries say nothing about the UAE’s departure from the organization. The country, which has been a member of OPEC since the 1960s and is one of the largest oil producers in the world, announced on Tuesday that it would leave the oil cartel because it wants to give more weight to its own interests.
