OPEC+ Agrees Symbolic Quota Hike as UAE Touts Oil Investment (3)

Major OPEC+ nations agreed on a modest and symbolic increase in their June production quota levels, as the group sends a business-as-usual message following the surprise exit of the United Arab Emirates. Abu Dhabi at the same moment touted its own growth plans.

Seven countries led by Saudi Arabia and Russia will add 188,000 barrels a day next month under the agreement, which was finalized at a video conference on Sunday, OPEC said in a statement. A small increase was expected by delegates before the UAE exit. The actual restoration of those barrels will depend on the Strait of Hormuz ...