Seven OPEC+ countries plan to increase the limit of oil production by 188 thousand b/d in June

Seven OPEC+ countries — Russia, Saudi Arabia, Iraq, Algeria, Kazakhstan, Kuwait and Oman — have tentatively agreed to increase their oil production targets by about 188,000 barrels per day in June. This was reported on May 2 by the Reuters news agency, citing sources.

"Seven OPEC+ countries have reached an agreement in principle to raise oil production targets by about 188,000 barrels per day in June, continuing to implement plans despite the UAE's withdrawal, two sources familiar with OPEC+'s position said ahead of a policy meeting on Sunday," the statement said.

The news is being updated