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    <title>Aaj TV English News - Business &amp; Economy</title>
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    <language>en-Us</language>
    <copyright>Copyright 2026</copyright>
    <pubDate>Sat, 02 May 2026 16:57:22 +0500</pubDate>
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    <ttl>60</ttl>
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      <title>OPEC+ agrees in principle on small oil output quota hike without UAE</title>
      <link>https://english.aaj.tv/news/330457974/opec-agrees-in-principle-on-small-oil-output-quota-hike-without-uae</link>
      <description>&lt;p&gt;&lt;strong&gt;Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure ​of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy ​meeting on Sunday.&lt;/strong&gt;&lt;/p&gt;
&lt;p&gt;The output hike is largely symbolic for now, with most ⁠shipping through the Strait of Hormuz halted by the US-Israeli war on Iran, which is ​causing far more disruption to the producer group’s output than its agreed targets.&lt;/p&gt;
&lt;p&gt;The increase is ​similar to last month’s hike of 206,000 bpd minus the share of the United Arab Emirates, which, in a surprise announcement this week, said it would &lt;a rel="noopener noreferrer" target="_blank" class="link--external" href="https://www.reuters.com/business/energy/uae-exit-weakens-opec-power-over-oil-market-group-stay-together-sources-say-2026-04-28/"&gt;leave the group&lt;/a&gt; from May 1.&lt;/p&gt;
&lt;p&gt;The decision signals that OPEC+ ​is pressing on with a business-as-usual approach, one source said earlier.&lt;/p&gt;
&lt;p&gt;Both sources spoke on condition ​of anonymity. The seven members are scheduled to meet online on Sunday.&lt;/p&gt;
&lt;p&gt;The &lt;a rel="noopener noreferrer" target="_blank" class="link--external" href="https://www.reuters.com/world/iran/"&gt;Iran war&lt;/a&gt;, which began on February ‌28 and ⁠the resulting closure of Hormuz have throttled exports from OPEC+ members Saudi Arabia, Iraq and Kuwait, as well as the UAE.&lt;/p&gt;
&lt;p&gt;Before the conflict, these producers were the only countries in the group able to raise production.&lt;/p&gt;
&lt;p&gt;Iran, also an OPEC member though not among the seven ​meeting on Sunday, has ​seen its own ⁠exports cut by a US blockade imposed in April.&lt;/p&gt;
&lt;p&gt;Crude oil output from all OPEC+ members averaged 35.06 million bpd in March, down 7.70 ​million bpd from February, OPEC said in a report last month, with ​Iraq and ⁠Saudi Arabia making the biggest cuts due to constrained exports.&lt;/p&gt;
&lt;p&gt;Outside the Gulf, Russia has also cut output after infrastructure was damaged by Ukrainian drone attacks.&lt;/p&gt;
&lt;p&gt;The seven members meeting on Sunday are ⁠Saudi Arabia, ​Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.&lt;/p&gt;
&lt;p&gt;With the ​UAE leaving, OPEC+ includes 21 members, including Iran, but in recent years, only the seven nations plus the UAE ​have been involved in monthly production decisions.&lt;/p&gt;
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      <content:encoded xmlns="http://purl.org/rss/1.0/modules/content/"><![CDATA[<p><strong>Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure ​of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy ​meeting on Sunday.</strong></p>
<p>The output hike is largely symbolic for now, with most ⁠shipping through the Strait of Hormuz halted by the US-Israeli war on Iran, which is ​causing far more disruption to the producer group’s output than its agreed targets.</p>
<p>The increase is ​similar to last month’s hike of 206,000 bpd minus the share of the United Arab Emirates, which, in a surprise announcement this week, said it would <a rel="noopener noreferrer" target="_blank" class="link--external" href="https://www.reuters.com/business/energy/uae-exit-weakens-opec-power-over-oil-market-group-stay-together-sources-say-2026-04-28/">leave the group</a> from May 1.</p>
<p>The decision signals that OPEC+ ​is pressing on with a business-as-usual approach, one source said earlier.</p>
<p>Both sources spoke on condition ​of anonymity. The seven members are scheduled to meet online on Sunday.</p>
<p>The <a rel="noopener noreferrer" target="_blank" class="link--external" href="https://www.reuters.com/world/iran/">Iran war</a>, which began on February ‌28 and ⁠the resulting closure of Hormuz have throttled exports from OPEC+ members Saudi Arabia, Iraq and Kuwait, as well as the UAE.</p>
<p>Before the conflict, these producers were the only countries in the group able to raise production.</p>
<p>Iran, also an OPEC member though not among the seven ​meeting on Sunday, has ​seen its own ⁠exports cut by a US blockade imposed in April.</p>
<p>Crude oil output from all OPEC+ members averaged 35.06 million bpd in March, down 7.70 ​million bpd from February, OPEC said in a report last month, with ​Iraq and ⁠Saudi Arabia making the biggest cuts due to constrained exports.</p>
<p>Outside the Gulf, Russia has also cut output after infrastructure was damaged by Ukrainian drone attacks.</p>
<p>The seven members meeting on Sunday are ⁠Saudi Arabia, ​Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.</p>
<p>With the ​UAE leaving, OPEC+ includes 21 members, including Iran, but in recent years, only the seven nations plus the UAE ​have been involved in monthly production decisions.</p>
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      <category>Business &amp; Economy</category>
      <guid>https://english.aaj.tv/news/330457974</guid>
      <pubDate>Sat, 02 May 2026 16:50:20 +0500</pubDate>
      <author>none@none.com (Reuters)</author>
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        <media:title>Reuters file</media:title>
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