Untapped OPEC+ reserves are mainly located in the Gulf region, and exports there are trapped by the blockade of the vital Strait of Hormuz, imposed by Iran in response to the U.S.-Israeli strikes that started the war on February 28. File
| Photo Credit: AFP
Saudi Arabia, Russia and five other OPEC+ countries increased their oil production quota on Sunday (May 3, 2026) in an expected move aimed at demonstrating continuity at the cartel after the shock withdrawal of the United Arab Emirates.
The seven major producers will add “188,000 barrels per day” to their total production quota for June, as part of “their collective commitment to support oil market stability,” according to a statement published by OPEC+. The statement made no mention of the United Arab Emirates, which quit the body this week.
Published – May 03, 2026 05:17 pm IST
