On Sunday, Saudi Arabia, Russia, and OPEC+ countries raised oil production quotas by 188,000 barrels per day for the month of June, in a move aimed at demonstrating the continuity of the alliance despite the withdrawal of the United Arab Emirates, amid massive disruption in oil trade due to Iran’s closure of the Strait of Hormuz.
Published on: 05/03/2026 - 15:15
Saudi Arabia, Russia and the rest of the OPEC+ countries announced on Sunday the lifting of oil production quotas as expected, in a move aimed at showing continuity in the alliance despite the withdrawal of the United Arab Emirates.
The Group of Seven countries will add “188 thousand barrels per day” to their production quotas for the month of June “as part of their collective commitment to the stability of the oil market,” according to a statement published on the website of the Organization of the Petroleum Exporting Countries (OPEC) that did not mention at all the UAE, which withdrew from the coalition this week.
Analysts' expectations and limited impact on actual supplies
Oil market analysts had widely expected an increase of 188,000 barrels, which is close to the 206,000 barrel daily increases announced by OPEC+ in March and April, excluding the UAE’s share. However, raising the quota on paper may not have a significant impact on actual production, which does not currently reach the announced quotas.
OPEC+'s untapped reserves are mainly concentrated in the Gulf region affected by Iran's closure of the Strait of Hormuz in response to the US-Israeli strikes that started the war on February 28.
A two-level message from the alliance
Jorge León, an analyst at Rystad Energy, told Agence France-Presse on Sunday that the coalition seeks to send a “two-level message” that the UAE’s exit will not disrupt the way OPEC+ operates and that the group still controls global oil markets despite the massive disruption to oil trade caused by the war.
He added: “Although production is increasing on paper, the real impact on actual supplies is still very limited due to the restrictions imposed on the Strait of Hormuz. It is not so much about adding barrels, but rather about confirming that OPEC+ is still the decision maker.”
The UAE’s withdrawal and the absence of any mention of it in the statement
The United Arab Emirates, one of the world's largest oil producing countries, announced on April 28 its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and the expanded OPEC+ group, and the decision entered into force on Friday.
There has been no public reaction from either group yet, which makes the absence of any mention of the UAE in Sunday's statement notable. The statement came after an online meeting of members of the OPEC+ alliance: Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia.
France 24/AFP
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