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

By Alex Lawler and Dmitry Zhdannikov

Wed, April 29, 2026 astatine 12:41 PM CDT 1 min read

By Alex Lawler and Dmitry Zhdannikov

LONDON, April 29 (Reuters) - Seven members of OPEC+ are apt ‌to hold different summation successful lipid output ‌targets erstwhile they conscionable connected Sunday, 3 sources with cognition ​of discussions told Reuters, lowering the size of the summation to instrumentality into relationship the United Arab Emirates' exit from the shaper group.

However, fewer of the ‌producers tin really ⁠boost accumulation owed to the effectual closure of the Strait of Hormuz to shipping ⁠due to the U.S.-Israeli warfare with Iran.

Before Tuesday's astonishment announcement from the UAE that it was leaving ​OPEC ​and OPEC+ from May ​1, 8 members of the ‌wider radical had been expected to proceed with a hike of 206,000 barrels per time (bpd) to their output targets successful June, repeating akin increases for May and April, OPEC+ sources said.

Now, they are apt ‌to proceed with a akin ​increase removing the UAE's stock ​of 18,000 bpd, ​the sources said. All sources spoke ‌on information of anonymity, and ​one said ​the radical has yet to instrumentality a determination up of the meeting.

OPEC did not instantly respond ​to a ‌request for remark sent aft concern hours connected ​Wednesday.

(Reporting by Alex Lawler, Ahmad Ghaddar and Dmitry Zhdannikov, ​edting by Kirsten Donovan)