That’s how much more oil OPEC countries agreed to produce in June. The increase is largely viewed by analysts as a statement of intent rather than a market-moving event, given the effective closure of the Strait of Hormuz.

The announcement came days after the United Arab Emirates withdrew from the group. The higher output will have little effect on global supplies.

The United Arab Emirates will leave OPEC effective Friday, stripping the oil cartel of its third-largest producer and further weakening its leverage over global oil supplies and prices.

President Donald Trump, a longtime critic of the Organization of the Petroleum Exporting Countries (OPEC), who has accused the group of "ripping off the rest of the world,” on Wednesday praised the United Arab Emirates’ plan to leave the alliance by the end of the month and said he thinks it will ultimately lower the price of oil.

The exit of the United Arab Emirates is the most significant in a series of departures from the oil cartel in recent years.

The Arab oil producer has long expressed frustration with the quotas it has to follow as part of OPEC, the cartel of major state-owned oil producers.

The UAE's 2026 exit from OPEC and plans to hit 5 million barrels per day by 2027 signal a shift as the Hormuz closure drives prices. Learn why OPEC's power is weakening.

The United Arab Emirates’ flagship oil company Adnoc announced plans to accelerate a growth plan with 200 billion dirham ($55 billion) in project awards spanning upstream and downstream operations, following the country’s exit from OPEC on May 1.