Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy meeting on Sunday (May 3, 2026).
The increase is similar to last month’s hike of 206,000 bpd minus the share of the United Arab Emirates, which, in a surprise announcement this week, said it would leave the group from May 1. The decision signals that OPEC+ is pressing on with a business-as-usual approach, one source said earlier.
