OPEC+ meets to set quotas after UAE exit

“OPEC+ meets to set quotas after UAE exit Seven members of OPEC+ are meeting to decide oil production levels for the first time since the United Arab Emirates left the group, Al Jazeera reported. The UAE formally exited on 2 May, after deciding on 28 April to withdraw over dissatisfaction with production limits. According to traders cited in the report, the countries are expected to increase output by about 188,000 barrels per day. The meeting comes at a time of market volatility, as producers weigh supply levels following the UAE’s departure.

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