Draft: OPEC+ plans to increase the production target by 188k barrels per day starting in June

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BlockBeats News, May 3rd, a draft OPEC+ statement shows that seven OPEC+ countries have agreed to increase their oil production target for June by approximately 188k barrels per day, marking the third consecutive month of increase. This move aims to signal to the outside world that the organization is prepared to boost supply after the end of the war.

Sources say that despite the UAE’s withdrawal from the organization this week, OPEC+ will continue to push forward with its production increase plans. The seven member countries attending the meeting on Sunday are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.

In a report last month, OPEC stated that the average daily crude oil output of all OPEC+ members in March was 35.06 million barrels, a decrease of 7.7 million barrels per day compared to February, with Iraq and Saudi Arabia experiencing the largest reductions due to export restrictions. The draft statement says that the seven members will hold another meeting on June 7. (Jin10)

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