economy

May 4, 2026

OPEC+ Approves Output Hike as UAE Exit and Iran War Disrupt Supply

OPEC+ members agreed to raise oil output targets by 188,000 barrels per day following the UAE's exit and amid ongoing disruptions in the Strait of Hormuz caused by the Iran war.

OPEC+ Approves Output Hike as UAE Exit and Iran War Disrupt Supply

TL;DR

  • Seven OPEC+ countries agreed to a June oil output increase of approximately 188,000 bpd.
  • The UAE, a significant oil exporter, withdrew from OPEC and OPEC+ on May 1, citing national interests.
  • Disruptions in the Strait of Hormuz due to the Iran conflict are severely impacting oil exports from key OPEC+ members.
  • The increase is seen as symbolic as shipping through the Strait of Hormuz remains heavily disrupted.
  • Russia respects the UAE's decision to leave but has no intention of leaving OPEC+ itself.

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