New Delhi, May 3 -- OPEC countries Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and the Kingdom of Saudi Arabia today said they have increased oil production quota to bolster supply continuity amid the United Arab Emirates' unexpected withdrawal from the bloc, AFP reported on 3 May.

The seven-member OPEC has committed to add 188,000 barrels per day (bpd) to their total production quota for June, as oil prices soar due to the war in West Asia. A statement from the bloc said this is "their collective commitment to support oil market stability". The countries had an online meeting on Sunday but made no mention of UAE's Friday (1 May) withdrawal from the bloc.

Oil market analysts had widely expected the increase of 188,000 barrels, simil...