withdrawal Saudi Arabia – Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quotas on Sunday (May 3, 2026) in an expected move aimed at demonstrating continuity in the cartel following the shock withdrawal of the United Arab Emirates. According to a statement published by OPEC+, as part of “their collective commitment to support oil market stability”, the seven major producers will add “188,000 barrels per day” to their total production quota for June. The statement made no mention of the United Arab Emirates, which left the body this week.
OPEC+ increases oil production quota without mentioning UAE’s withdrawal
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