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.

The United Arab Emirates said on Tuesday (April 28, 2026) it quit Organisation of the Petroleum Exporting Countries (OPEC) and OPEC+, dealing a ​heavy blow to the oil exporting groups and their de ‌facto leader, Saudi Arabia, at a time when ​the Iran war has caused a ⁠historic energy shock and unsettled the global economy.

The stunning loss of the UAE, a longstanding OPEC member, could create disarray and ‌weaken the group, which has usually sought to show a united front despite internal ‌disagreements over a range of issues from geopolitics to ‌production ⁠quotas.