Exclusives | Global

OPEC+ likely to agree another oil output hike without UAE, sources say

1 May 2026, 4:01 pm

1 min read

People walk past an installation depicting barrel of oil with the logo of Organization of the Petroleum Exporting Countries (OPEC) during the COP29 United Nations climate change conference in Baku, Azerbaijan November 19, 2024. REUTERS/Maxim Shemetov

OPEC+ will likely agree a small oil output quota hike on Sunday despite the loss of the lion’s share of its exports due to the U.S.-Israeli war with Iran and the exit of a key member, the United Arab Emirates, three sources with knowledge of the discussions told Reuters.

Why it matters

The oil producer group will likely agree an increase of around 188,000 barrels per day in oil output targets, the sources said. The increase is similar to last month’s hike of 206,000 bpd minus the share of the UAE, which leaves the group from May 1.