The Organization of the Petroleum Exporting Countries and its allies, the OPEC+ group, has communicated that it will increase its crude oil production by 188,000 barrels per day starting in June, under a pact reached at its first meeting after the unexpected decision of the United Arab Emirates to leave the alliance in the midst of the Iran war.
At the close of the virtual meeting held this Saturday, the seven members of OPEC+ who had already announced additional voluntary cuts in April and November 2023 (Algeria, Iraq, Kuwait, Saudi Arabia, Kazakhstan, Oman, and Russia) have agreed to implement a "production adjustment" starting next month, according to the statement released this Sunday by the organization.
These countries have reiterated their commitment to "continue to closely monitor and assess market conditions" and have underlined the relevance of "adopting a prudent approach and maintaining full flexibility to increase, pause, or reverse the gradual elimination of voluntary production adjustments," including those agreed upon three years ago.
In parallel, and regarding the United Arab Emirates, the state oil company Abu Dhabi National Oil Company (Adnoc) has announced a plan to accelerate its expansion strategy by awarding crude oil exploration, production, refining, and marketing projects worth approximately 46 billion euros, according to a statement cited by Bloomberg.