OPEC+ to raise oil output by 188,000 barrels per day in June amid UAE's exit

OPEC+ announced it will increase oil production by 188,000 barrels per day in June, slightly less than May's increase of 206,000 barrels per day. This decision comes after the United Arab Emirates, the cartel's third-largest producer, officially left OPEC+ on May 1. The remaining seven members, including Saudi Arabia and Russia, aim to support oil market stability despite ongoing supply challenges due to the Iran conflict and the closure of the Strait of Hormuz. The UAE's departure marks a significant shift in OPEC+ dynamics as the group adjusts its production strategy moving forward.