OPEC+ Raises June Oil Quotas by 188,000 Barrels per Day; UAE Exits Group

Seven OPEC+ nations have an agreement in principle to raise oil output quotas for June by about 188,000 barrels per day, according to two sources. The seven members—Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia, and Saudi Arabia—are meeting on Sunday to decide on oil-production quotas. This marks the first such decision since the United Arab Emirates withdrew from OPEC and OPEC+.

The UAE announced on April 28, 2026, that it was withdrawing from OPEC and OPEC+, with the departure taking effect on Friday. 5 million barrels per day. State-owned oil company ADNOC plans to increase output by five million barrels a day by 2027.

The seven countries are expected to increase their quotas by 188,000 barrels per day, said Arne Lohmann Rasmussen, chief analyst at Global Risk Management. OPEC+ announced a 206,000-barrel daily increase in March. The group announced another 206,000-barrel daily increase in April.

73 million barrels per day, said Priya Walia, analyst at Rystad Energy. This represented a shortfall of approximately 9 million barrels per day in March, driven almost entirely by war-related disruption rather than voluntary restraint, Walia added. Iran imposed a blockade of the Strait of Hormuz in response to US-Israeli strikes that started the Mideast war on February 28, 2026.

The blockade is hitting Iraq, Kuwait, Saudi Arabia, and the UAE. The UAE's exit is a big deal for OPEC, said Amena Bakr, an analyst at Kpler, noting that previous withdrawals by Qatar in 2019 and Angola in 2023 were less significant. Besides being the fourth-biggest OPEC+ producer by output, the UAE has major untapped production capacity, Bakr said.

The UAE had brought up grievances over its quotas going back to 2021, she added. There is also the risk for OPEC+ that other countries will leave such as Iraq and Kazakhstan, which have faced repeated accusations of surpassing their quotas, according to Bakr.