Overview
- - OPEC+ approved a roughly 188,000 barrel-per-day increase for June, a step described as largely symbolic because the Strait of Hormuz remains closed to many shipments.
- - The United Arab Emirates left OPEC to set production on its own after years under quotas that held output near 3.4 million barrels per day.
- - Adnoc announced $55 billion in projects for 2026–2028 that target about 5 million barrels per day of capacity by 2027.
- - The UAE can route crude and refined fuels to the Indian Ocean through a pipeline network of about 1,600 kilometers, reducing exposure to Hormuz.
- - U.S. crude exports have surged by about 250 million barrels in nine weeks, Bloomberg reports, which has strained domestic inventories and reshaped supplier rankings.