OPEC+ set to push ahead with June output increase despite UAE exit

OPEC+ plans to proceed with its scheduled output increase in June, despite the recent exit of the UAE from the coalition. This decision may influence oil prices through the supply channel, as an increase in output could lead to a higher supply in the market, potentially easing upward pressure on prices. Oil markets are particularly exposed, as traders assess the implications of UAE's departure on overall compliance and production levels within OPEC+. The upcoming OPEC+ meeting will be a key event for traders, as it may provide further insights into the coalition's future production strategies and the stability of its member commitments.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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