BackECONOMY
OPEC+ Hikes June Quotas by 188,000 bpd Without Mentioning UAE Pull-Out
Seven major OPEC+ producers raised their collective June production quota by 188,000 barrels per day, signaling continuity after the UAE’s withdrawal. The UAE was not referenced in the statement, and the boost on paper may have limited impact on actual supply due to market constraints.
Why It Matters
The move demonstrates OPEC+’s effort to project control over oil markets despite the UAE’s exit, while signaling continuity to markets even as physical supply remains constrained by geopolitical factors.
Timeline
3 Events
OPEC+ increases June production quota by 188,000 bpd; UAE not mentioned
May 3, 2026
Following an online meeting of Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia, OPEC+ increased the group’s total production quota for June by 188,000 barrels per day. The statement published by OPEC+ did not mention the UAE.
UAE withdrawal takes effect
May 1, 2026
The UAE withdrawal from OPEC and the expanded OPEC+ group took effect.
UAE announces withdrawal from OPEC and expanded OPEC+
April 28, 2026
The United Arab Emirates announced it would withdraw from OPEC and the expanded OPEC+ group.