OPEC+ increases oil production after United Arab Emirates' exit
Seven OPEC+ member countries announced an increase in their oil production quotas by 188,000 barrels per day. Russia and Saudi Arabia lead the readjustment.
Organization of the Petroleum Exporting Countries (OPEC) headquarters
Seven member countries of OPEC+, a strategic alliance that expands the original Organization of Petroleum Exporting Countries (OPEC), decided to increase their oil production quotas after meeting this Sunday.
The move comes days after United Arab Emirates (UAE) announced that it leaves OPEC on "national interest" grounds.
Specifically, the seven countries that made the decision were Algeria, Iraq, Saudi Arabia, Russia, Kuwait, Oman and Kazakhstan.
Through a statement published on its website, OPEC reported that this group of countries determined "to implement a production adjustment of 188 thousand barrels per day."
Russia and Saudi Arabia lead the adjustment.
This adjustment, which will be effective in June, will be as follows:
- Russia: 62,000 barrels per day.
- Saudi Arabia: 62,000 barrels per day.
- Iraq: 26,000 barrels per day.
- Kuwait: 16,000 barrels per day.
- Kazakhstan: 10,000 barrels per day.
- Algeria: 6,000 barrels per day.
- Oman: 5,000 barrels per day.
With this decision, it is the second time that OPEC+ countries have decided to increase oil production. The first was in March, when it aimed to reduce the impact of the Strait of Hormuz closure.
UAE's exit from OPEC
"This decision reflects the long-term strategic and economic visionof the UAE and the evolution of its energy profile, especially the acceleration of investment in domestic energy production," they said in a statement.
It was a choice that seeks to "focus our efforts on what our national interest dictates" after the UAE "made significant contributions and considered even greater sacrifices in the interest of all," they added.
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