OPEC+ Moves Toward Approving a Slight Production Increase Coinciding with UAE Withdrawal

Informed oil circles revealed on Saturday (May 2, 2026) that the OPEC+ alliance is moving toward approving a slight increase in oil production rates for the upcoming month of June. According to data, seven countries within the alliance reached a preliminary agreement to pump an additional 188,000 barrels per day, complementing an increase of 206,000 barrels approved last month. This agreement, expected to be officially announced on Sunday, coincides with the entry into force of the United Arab Emirates' withdrawal from the OPEC organization and the OPEC+ alliance at the beginning of May, in a UAE endeavor to enhance its independent production policies within global markets.