OPEC+ agrees in principle on small oil output quota hike without UAE, sources say

Seven OPEC+ countries have agreed in principle to raise oil output targets by about 188,000 barrels per day in June, signaling a modest supply increase. The move comes despite the UAE's departure from the group’s plan, ahead of a policy meeting on Sunday. The announcement is relevant for oil prices and energy markets, but the scale is relatively limited.

Analysis

Seven OPEC+ countries have agreed in principle to raise oil output targets by about 188,000 barrels per day in June, signaling a modest supply increase. The move comes despite the UAE's departure from the group’s plan, ahead of a policy meeting on Sunday. The announcement is relevant for oil prices and energy markets, but the scale is relatively limited.