The rest of the non-Community countries have also raised their production targets despite the fact that 3 of them will not be able to increase production as long as the Strait of Hormuz remains closed.
The decision follows the UAE’s withdrawal from the deal, with the increase in line with the May plan minus the Emirates’ share. As for Iran, few countries will be able to achieve the same level of actual production increases. For Iraq, Kuwait and Saudi Arabia, any increase in production targets will be purely theoretical until the Strait of Hormuz waterway is reopened.
Adjustment of growth quotas: Saudi Arabia and Russia will increase production by 62,000 bpd each, Iraq by 26,000, Kuwait by 16,000, Kazakhstan by 10,000, Algeria by 6,000, and Oman by 5,000 bpd.
The last stage of the rollback of production restrictions began in September, when eight countries, including the UAE, raised their aggregate target by 137 thousand barrels per day starting from October.
Representatives of the seven OPEC+ countries will meet again on June 7.
