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"OPEC+" heads towards a new increase in oil production

May 2, 2026AL24 | الاقتصادal24news.dzTranslated from Arabic
AL24 | الاقتصاد

Reuters reported from two informed sources that a coalition of seven member countries in the "OPEC+" alliance has preliminarily agreed ahead of the meeting scheduled for tomorrow, Sunday, to raise oil production targets by about 188,000 barrels per day in June. The increase in production is largely symbolic at this time, with most shipments through the Strait of Hormuz halted due to the U.S.-Israeli war against Iran, which is causing much greater disruption in the production of OPEC member countries compared to the targets agreed upon by the group. This increase is close to that approved last month, which was 206,000 barrels per day, after deducting the share of the UAE, which unexpectedly announced last week its decision to withdraw starting from the first...

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