OPEC+ Increases Oil Output By 188,000 Barrels Per Day

The international oil cartel announced the production increase over the weekend in its first meeting since the loss of key member the United Arab Emirates (UAE).

The group of oil producers known as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced that the production increase will begin in June of this year.

The latest production figures exclude the UAE, which officially departed OPEC+ on May 1.

The increased output from countries that include Saudi Arabia and Russia comes with the global oil supply constrained since the Iran war began on February 28.

The Strait of Hormuz, where 20% of the world's crude oil is shipped, remains effectively closed to commercial ships and oil tankers.

Concerns around production were amplified by news of the UAE's departure from OPEC+, the cartel's third-largest crude oil producer.

The UAE had played an influential role in OPEC's decisions over nearly six decades and was the group's third biggest oil producer behind Saudi Arabia and Iraq.

Brent crude oil, the international standard, is currently trading at $108.17 U.S. per barrel, up about 40% since the Iran war began.

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