OPEC+ plans a production boost with one less member

Seven members of OPEC+ are likely to agree another increase in oil output targets when they meet on Sunday, three sources with knowledge of discussions told Reuters, lowering the size of the increase to take into account the United Arab Emirates' exit from the producer group.

However, few of the producers can actually boost production due to the effective closure of the Strait of Hormuz to shipping due to the US-Israeli war with Iran.

Before Tuesday's surprise announcement from the UAE that it was leaving OPEC and OPEC+ from May 1, eight members of the wider group had been expected to proceed with a hike of 206,000 barrels per day (bpd) to their output targets in June, repeating similar increases for May and April, OPEC+ sources said.