Draft: OPEC+ Plans to Increase Production Target by 188,000 barrels per day Starting in June

BlockBeats News, May 3rd, a draft OPEC+ statement showed that seven OPEC+ countries have agreed to raise the oil production target for June by about 188,000 barrels per day, marking the third consecutive monthly increase. This move is aimed at signaling to the outside world that the organization is ready to increase supply after the war.

Sources said that despite the UAE's withdrawal from the organization earlier this week, OPEC+ will continue to push forward with the production increase plan. The seven member countries that attended the meeting on Sunday are Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.

OPEC stated in a report last month that the average daily oil production of all OPEC+ member countries in March was 35.06 million barrels, a decrease of 770,000 barrels per day from February, with Iraq and Saudi Arabia seeing the largest production cuts due to export constraints. The draft statement indicates that the seven member countries will convene again on June 7th for a meeting. (FXStreet)