OPEC+ June Production Quota to Increase by around 188,000 barrels per day, Market Predicts Significant Oil Price Surge

BlockBeats News, May 2nd - Sources revealed that despite the UAE's withdrawal, seven countries within OPEC+ have reached a preliminary agreement to increase the oil production target by approximately 188,000 barrels per day in June. This production increase is close to last month's figure of 206,000 barrels per day (after excluding the UAE's share). This decision indicates that OPEC+ is proceeding with business as usual in its decision-making. The seven OPEC+ member countries plan to hold an online meeting on Sunday.

Currently, due to the US-Iran war resulting in the disruption of most shipping through the Strait of Hormuz, the disturbance to OPEC oil-producing countries is much greater than the agreed production target by the organization. Therefore, the current production increase is largely symbolic. The UAE had previously unexpectedly announced its withdrawal from OPEC and OPEC+ effective May 1st.

According to PolyBeats monitoring, on the prediction market Polymarket, the probability of "WTI crude oil hitting a single-day closing price of $110 this month" is 75%, $120 is 45%, and $130 is 22%. The market still anticipates a significant oil price surge.