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OPEC+ makes first output decision after UAE exit – Reuters

RT International·RT·29 days ago
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Seven major exporters of crude reportedly agreed to add 188,000 barrels a day in June Seven OPEC+ countries have agreed to raise oil output targets by about 188,000 barrels per day (bpd) in June, Reuters reported on Saturday, citing two sources familiar with the group’s plans. The report comes as the US-Israel war with Iran continues to disrupt Gulf oil supplies and follows days after the United Arab Emirates (UAE) quit the cartel. The UAE, one of the world’s largest oil exporters, withdrew from OPEC and the wider OPEC+ on May 1. According to Abu Dhabi, the decision is driven by national interests and forms part of a long-term strategy – a “sovereign, strategic choice” aimed at giving it greater flexibility over oil output. The country’s share in the organization stood at about 13.5%. OPEC currently includes Saudi Arabia, Iraq, Iran, Kuwait, Algeria, Libya, Nigeria, Gabon, Equatorial Guinea, Republic of the Congo, and Venezuela.…

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