OPEC members increase oil production quota by 188,000 bpd, no word on UAE's withdrawal amid war in West Asia

OPEC has announced an increase in its oil production quota by 188,000 barrels per day, although there is no indication regarding the UAE's potential withdrawal from the group amidst ongoing conflict in West Asia. This decision may impact oil prices through the supply channel, as increased production could alleviate some upward pressure on prices caused by geopolitical tensions. Crude oil markets are particularly exposed, as traders weigh the implications of both the production increase and the regional instability. Market participants will closely watch for any developments regarding the UAE's stance and its potential effects on OPEC's cohesion, especially as the next OPEC meeting approaches.

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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