OPEC+ Delegates Expect Another Symbolic Supply Hike Without UAE

OPEC+ is likely to agree another symbolic production increase for June, in the group’s first move since the surprise departure of the United Arab Emirates, three delegates said.

Seven major nations led by Saudi Arabia and Russia will probably add 188,000 barrels a day to their output target during a video conference on Sunday, two of the delegates said, even though they’d be unable to implement it with the Strait of Hormuz blocked. The OPEC+ delegates asked not to be identified as any deliberations are private.