OPEC+ Set to Lift June Output Targets by 188,000 Bpd

May 3 (BlockBeats) — A draft OPEC+ statement shows seven member countries have agreed to raise their June crude production targets by about 188,000 barrels per day, extending the group's monthly increases to a third straight month. People familiar with the matter said the plan is intended to signal that OPEC+ is ready to bring more supply to market once the war ends. They added that the group intends to press ahead with the scheduled output increases even after the UAE's withdrawal this week. The seven countries represented at Sunday's meeting were Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman. The draft said the group will meet again on June 7. Separately, OPEC said last month that average daily crude output from all OPEC+ members in March was 35.06 million barrels, down 7.7 million barrels per day from February, with Iraq and Saudi Arabia posting the largest cuts due to export restrictions. (Jin10)