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

Deep Tide TechFlow news. On May 03, according to Jintiao, a draft of an OPEC+ statement shows that seven OPEC+ countries have agreed to raise the June oil production target by about 188,000 barrels per day, which would be the third consecutive month of increases. The move is intended to signal to the outside world that the organization is prepared to increase supply after the end of the war. Sources say that although the UAE withdrew from the group this week, OPEC+ will still continue to push forward with the production increase plan. 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 said that in March, the average daily crude oil output of all OPEC+ members was 35.06 million barrels, down by 7.7 million barrels per day from February, with Iraq and Saudi Arabia seeing the largest production cuts due to export constraints. The draft statement says that the seven member countries will hold another meeting on June 7.