Seven OPEC member countries increased their oil production quotas
Saudi Arabia, Russia, and five other OPEC+ member countries increased their oil production quotas. According to a statement released by OPEC+ on Sunday, May 3rd, these seven major producers, in line with their collective commitment to support oil market stability, will collectively add 188,000 barrels per day to their June production quota. The statement made no mention of the United Arab Emirates, which withdrew from this organization earlier this week.
According to the French News Agency, oil market analysts had widely anticipated such an increase, as this figure aligns with the daily increase of 206,000 barrels that OPEC+ announced for March and April, excluding the share related to the UAE. The French News Agency states that on paper, the increase in quotas may not significantly impact actual production, as production levels are lower than the set ceiling due to regional crises.