Could the UAE Disrupt OPEC?

On May 31, the Organization of the Petroleum Exporting Countries along with its partners, collectively known as OPEC+, announced an increase in crude oil production by 411,000 barrels per day (b/d) starting July. This marks the third consecutive rise in production within the last three months. The output hike from OPEC+ accounts for approximately 1.2% of the total global demand, reflecting a significant shift from the previous year’s strategy, which aimed to increase production by only 122,000 b/d monthly.