The UAE officially withdrew from OPEC and OPEC+ on May 1st, removing its quota share from production increase plans, which coincided with OPEC+ agreeing to increase production by 188,000 barrels per day in June and oil prices reaching a 4-year high of over $125 per barrel.
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The UAE officially withdrew from OPEC and the OPEC+ on May 1stAdded:
The UAE officially withdrew from OPEC and [music] the OPEC Plus on May 1st, and related production increase plans no longer include [music] its quota share.
OPEC Plus agreed to increase production by 188,000 barrels per day in June. Oil prices surpassed [music] $125 per barrel this week, hitting a 4-year high.
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