Seven OPEC+ countries have an agreement ​in principle to raise oil ‌output targets by about 188,000 ​barrels per day ⁠in June, pressing on with plans despite the departure of the ‌UAE, two sources familiar with OPEC+ thinking said ‌ahead of a ‌policy ⁠meeting on Sunday (May 3, 2026).

The increase ⁠is similar to last month’s hike of 206,000 bpd minus the ​share of ‌the United Arab Emirates, which, in a surprise announcement this week, said it would ‌leave the group from ​May 1. The decision signals that OPEC+ is ⁠pressing on with a business-as-usual approach, one source said earlier.