TechFlow News, May 3: According to JIN10, a draft OPEC+ statement shows that seven OPEC+ countries have agreed to raise their June oil production target by approximately 188,000 barrels per day—the third consecutive monthly increase. This move aims to signal the group’s readiness to boost supply after the war ends. Sources indicated that despite the UAE’s withdrawal from the group this week, OPEC+ will continue advancing its production-increase plan. The seven member countries attending Sunday’s meeting were Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. In a report last month, OPEC stated that the average daily crude oil output of all OPEC+ members in March stood at 35.06 million barrels—down 770,000 barrels per day from February—with Iraq and Saudi Arabia seeing the largest output declines due to export constraints. The draft statement notes that the seven member countries will hold another meeting on June 7.
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