OPEC+ agrees to raise output without the UAE; experts say the move is largely symbolic

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[The Financial News] The Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC oil producers, including Russia, decided on the 3rd to increase output.
The move appears aimed at minimizing the fallout from the sudden withdrawal of the United Arab Emirates (UAE). Without directly mentioning the departing member, the group emphasized its commitment to market stability and moved to reinforce internal unity.
AFP and Gulf News reported that seven major oil producers, including the Kingdom of Saudi Arabia (KSA) and Russia, agreed to raise daily production by 188,000 barrels starting in June.
OPEC+ said the decision "reflects a shared commitment to supporting stability in the oil market." Industry experts noted that the statement made no mention of the UAE, and interpreted it as an effort to project a united image rather than highlight divisions within the alliance.
The UAE, a key member that accounted for about 15% of total OPEC exports, abruptly announced on April 28 that it would leave OPEC and OPEC+ from the 1st, citing a long-term shift in its energy strategy.
Despite OPEC+'s production target, the actual impact on the market is expected to be limited.
Current actual output from OPEC+ is already below target, and exports from Gulf producers have been blocked by the closure of the Strait of Hormuz.
Kuwait said it did not export any crude oil in April.
It was the first such case since the Gulf War in 1991. Kuwait Petroleum Corporation (KPC) is currently under a Force Majeure declaration covering about 2 million barrels per day.
Jorge León, head of geopolitical analysis at Rystad Energy, told AFP that "this output agreement is only a paper figure and has almost no effect on actual physical supply," adding that it is "nothing more than a symbolic step meant to signal that the group still has control despite market turmoil."
jjyoon@fnnews.com Yoon Jae-jun Reporter