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Prince Abdulaziz bin Salman met his Russian counterpart at the St. Petersburg International Economic Forum, urging global energy market stability as OPEC+ faces disruptions from conflicts in Iran and Ukraine. The oil alliance is dealing with production cuts and the UAE's departure, with both officials highlighting unprecedented uncertainty in demand forecasts.
Seven major OPEC+ producers have agreed to raise their production quotas by 188,000 barrels per day in June, a largely symbolic move as the U.S.-Israel war with Iran disrupts supplies through the Strait of Hormuz. The decision aims to show the group's readiness to increase supply once the war ends, while signaling business as usual despite the UAE's withdrawal. The supply disruption has pushed oil prices above $125 per barrel.
OPEC+ key members are set to hold a virtual meeting on May 3 to discuss June oil output plans, amid uncertainty over UAE participation after its OPEC exit announcement. Eight leading nations are already phasing out voluntary cuts, and a preliminary agreement among seven members suggests a June output increase of 188,000 bpd.
