CoinWorld News: The seven member countries of OPEC+ are very likely to agree to raise their oil production targets again during the meeting on Sunday. Considering the UAE’s withdrawal from the oil-producing group, the expected increase is likely to be scaled back. However, because the war between (the U.S. and Israel) and Iran has effectively closed the Strait of Hormuz to shipping, in practice very few oil-producing countries are able to increase output. Sources say that before the UAE unexpectedly announced on Tuesday that it would withdraw from OPEC and OPEC+ on May 1, the group’s eight member countries were expected to continue raising their production targets by 206,000 barrels per day in June, roughly similar to the increase amounts in May and April.

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