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Oil giant OPEC has announced an increase in its production, while making no mention of the United Arab Emirates (UAE) leaving the organization.
In a statement today, OPEC said Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman would raise production targets by an additional 188,000 barrels per day, after confirming their commitment to market stability.
The seven countries will meet on June 7, OPEC said in a statement, and monthly meetings will be held to review market conditions.
The Iran war and the effective closure of the Strait of Hormuz have hit oil exports from OPEC members, including Saudi Arabia, Iraq and Kuwait.
The United Arab Emirates announced plans on Tuesday to leave OPEC, a decision following a review of its "current and future production capacity, based on national interest," according to a statement from the Emirates News Agency.
The country's withdrawal "marks a significant change for the oil producing group," Jorge Leon, head of geopolitical analysis at consulting firm Rystad, said at the time.
An expert from the United Arab Emirates told CNN that the UAE is "chained" by OPEC, forced to adhere to quotas that "make no sense for their economic strategy."
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