Major OPEC+ nations came to a provisional agreement on another modest but symbolic increase to supply targets for June, in the group's first move since the UAE's surprise exit, a delegate said.
Seven countries led by Saudi Arabia and Russia would - on paper at least - add 188,000 barrels a day next month under the agreement, to be finalized at a video conference on Sunday, the delegate said. They asked not to be identified as the talks are private. Last week, three delegates said such a move was their expectation.
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Like their scheduled hike for this month, the move is largely symbolic as the Organization of the Petroleum Exporting Countries will be unable to implement the increase unless the Strait of Hormuz - blocked by the US-Israeli conflict with Iran - is reopened and exports from the Persian Gulf resume.
The group is formally continuing the process of restoring output halted several years ago, which had been in progress before the outbreak of war. OPEC+ is adjusting to the surprise loss of long-time member the UAE, which quit the organization on April 28 after years of frustration over constraints on its output.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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