London: OPEC+ is expected to approve a fourth consecutive increase in official oil production targets on Sunday, even as actual output remains constrained by the ongoing US–Iran conflict and the fallout from the United Arab Emirates’ departure from OPEC, according to people briefed on the matter, Reuters reported.
Seven core OPEC+ members — Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman — are due to meet and are likely to raise their combined quotas by roughly 188,000 barrels per day for July. That increase would match the adjustment made for June and follows earlier monthly hikes in April and May, sources told reporters. The officials spoke on condition of anonymity and said no final decision had been reached.
The quota increases are mostly symbolic. Even though targets rose, actual oil production has dropped sharply since late February because the war has disrupted exports and the UAE left the cartel. OPEC’s data show output fell to about 33.19 million barrels per day in April from 42.77 million bpd in February, as Gulf producers cut shipments.
A full OPEC+ ministerial meeting is also scheduled for Sunday, though sources do not expect broader changes to the group’s policy beyond the quota adjustments among the seven core participants.
