United Arab Emirates Leaves OPEC+ as Group Continues Phased Reversal of 2023 Output Cut

The United Arab Emirates has exited OPEC+, effective May 1. Iraq has signaled it wants higher production quotas inside the group. OPEC+ includes 21 members. In recent years, monthly output decisions have been managed by Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, Oman and, until its departure, the UAE.

These countries have been reversing the 1.65 million barrels per day production cut they agreed in 2023. The UAE left the alliance in late April, saying it wanted output to match its capacity without group limits. Reuters calculations show that, after the UAE exit, the seven remaining core producers still have roughly 379,000 barrels per day of the original cut left to restore beginning in August.

If those producers approve a comparable increase at their August 2 meeting, the 2023 cut would be fully reversed by September.