Overview
- The seven-country panel, which met Sunday, approved a 188,000 barrel-per-day increase to production targets for June.
- The adjustment is expected to have little near-term effect because the Strait of Hormuz remains largely closed, blocking key Gulf exports.
- The decision is the first since the United Arab Emirates left OPEC and OPEC+, removing a major low-cost producer with sizable spare capacity.
- OPEC reported March output at 35.06 million barrels per day, down 7.70 million from February as war-related shipping constraints cut flows.
- Reports say Kuwait shipped no crude in April and its state oil company declared force majeure because tankers could not transit the strait.