According to the agency, the sources and a draft of the “OPEC+” statement also stated that 7 member countries of the coalition, which includes the Organization of the Petroleum Exporting Countries (OPEC) and partners including Russia, agreed in principle to raise oil production targets by about 188 thousand barrels per day in June, which is the third monthly increase in a row.
The sources explained that the move aims to show the coalition’s readiness to provide supplies once the war ends, and to move forward with plans to increase production.
The meeting, on Sunday, includes 7 OPEC+ member countries: Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and the Sultanate of Oman.
It quoted Gulf oil sector executives and global traders that the production increase will remain largely symbolic until navigation through the Strait of Hormuz resumes, and even when that happens, it may take several weeks, if not months, for flows to return to normal.
