OPEC+ meeting update: Preparations to increase oil production, after UAE’s exit from the group, now 7 countries will take a big decision

The seven member countries of OPEC+ met for an online meeting on Sunday, 3 May 2026. The main objective of this meeting was to decide the oil production level. The special thing is that this was the first such meeting after UAE left the group. Now these countries are jointly considering increasing the supply of oil so that balance is maintained in the market.

How much will oil production increase and what is the plan?

According to traders and sources, these seven countries have decided to increase their daily oil production target by about 188,000 barrels per day (bpd) in the month of June. The move is similar to last month’s increase of 206,000 bpd, except it excludes the UAE’s share. Experts say that this increase is largely symbolic because in reality there are major problems in supply.

UAE’s exit and what effect will it have on the market?

The UAE had announced its departure from the group on 28 April 2026 and from 1 May 2026, it was officially out of OPEC and OPEC+. UAE was earlier the third largest producer in this group, due to which OPEC+’s ability to control the market has now reduced. Additionally, oil exports to countries such as Saudi Arabia, Iraq and Kuwait are facing problems due to the conflict with Iran and blockages in the Strait of Hormuz.

Which countries participated in this meeting?

A total of seven member countries participated in this online meeting. These included Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman. All these countries said that they will have full flexibility to change production depending on the market situation. The Joint Ministerial Monitoring Committee (JMMC) will now monitor additional production changes.

Frequently Asked Questions (FAQs)

When did UAE leave OPEC+ group?

The UAE had announced its departure from the group on 28 April 2026 and was officially out of the group with effect from 1 May 2026.

What is the main reason for decline in oil production?

Oil exports have been hit by the ongoing conflict with Iran and bottlenecks in the Strait of Hormuz, with production in March 9 million bpd below target.