OPEC+ agrees 188,000 bpd hike to signal stability post-UAE exit in Oil & Companies News 04/05/2026 OPEC+ members has agreed to raise oil output for the third time since closure of Hormuz after the countries met virtually on Sunday, to review global market conditions and their outlook following the shock exit of the United Arab Emirates. The seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in June 2026. While the Persian Gulf conflict continues to choke off regional oil shipments, the planned hike is largely viewed as a symbolic gesture. The seven countries also reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). Maintaining the quota path “The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023,” OPEC+ members said in a statement. The hike in oil output represents the original planned volume minus Abu Dhabi’s specific share, a move intended to show that existing strategies remain unaffected by the internal rupture. The UAE’s exit after nearly six decades of membership follows years of friction with Saudi Arabia regarding production capacity ambitions. As the most significant departure in the coalition’s history, the split further threatens OPEC+’s ability to influence global markets, a power already challenged by the rise of U.S. shale production. Market resilience amid supply disruptions Oil prices have largely looked past the UAE’s move, as traders remain focused on the ongoing closure of the Strait of Hormuz and the negotiations to end the nine-week Iran conflict. Brent futures settled near $108 a barrel on Friday, easing from recent four-year highs, but the conflict has still resulted in the largest supply disruption in history. Skyrocketing costs for diesel, gasoline, and jet fuel are beginning to impact consumer behavior. Analysts warn that this “demand destruction” could escalate as global inventories are depleted, increasing the risk of a broader economic recession. For the remaining OPEC+ members, the immediate challenge is preventing further defections or a total breakdown in quota adherence once current physical production constraints are lifted. Source: Investing.com 2026-05-04 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share