OPEC+ Agrees in Principle to Increase June Crude Production by 188,000 Barrels Per Day

According to sources, OPEC+ agreed in principle on May 2 to increase June crude oil production by 188,000 barrels per day, with the formal decision expected to be announced on May 3 following an OPEC+ member state meeting. This marks the first policy decision since the United Arab Emirates formally withdrew from OPEC and OPEC+ on May 1. The withdrawal has reduced OPEC+ oil production to approximately 45% of global supply, down from 50% previously controlled by the group, according to International Energy Agency data. Analysts note this may weaken OPEC+ market influence and complicate efforts to control oil prices through production adjustments.
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