ConfirmedShipping, energy & marketsBackgroundVienna, Austria
Seven OPEC+ members agree a 188,000 bpd June increase after UAE exit
- Mountain Time
- Local time
- 5:45 PM in Vienna
- Where
- Vienna, Austria
Saudi Arabia, Russia, Iraq, Kuwait, Oman, Algeria and Kazakhstan agreed at an online meeting to raise June output targets by 188,000 barrels per day, their first decision since the UAE left the group; the increase is largely symbolic while Hormuz is closed. Kuwait exported no crude at all in April, a first since the 1991 Gulf War, Al Jazeera reported.
Why it matters
The quota move matters little while Gulf producers cannot ship through the strait.
Sources (2)
- Al Jazeeraaljazeera.comPublished
- CBS Newscbsnews.comPublished
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