Dhaka, May 03 (V7N) — Key members of the OPEC+ alliance held a meeting on Sunday to determine new oil production levels, marking the first such gathering following the United Arab Emirates’ recent departure from the bloc.

According to media reports, representatives from Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman are participating in the meeting to reassess output targets amid shifting dynamics in the global energy market.

The United Arab Emirates officially exited the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance last Friday. Analysts say the decision, taken on April 28, was driven by dissatisfaction over production limits imposed by the group.

Market traders anticipate that the participating countries may agree to increase oil production by up to 188,000 barrels per day in an effort to stabilize supply.

Energy analysts believe the outcome of the meeting could have a notable impact on global oil prices and supply conditions, particularly at a time of ongoing volatility in energy markets.

The OPEC+ alliance, formed in 2016, includes members of OPEC along with major non-OPEC oil-producing nations. The group was established to coordinate production levels and maintain stability in global oil prices through collective output decisions.

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