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OPEC+ may approve an oil output increase on Sunday, four sources from the group said, a rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran.
The war has effectively shut the Strait of Hormuz — the world’s most important oil route — since the end of February and cut exports from OPEC+ members Saudi Arabia, the UAE, Kuwait and Iraq, the only countries in the group which were able to significantly raise production even before the conflict began.
Other group members, such as Russia, are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine.
Inside the Gulf, damage to infrastructure from missile and drone attacks has also been severe. Several Gulf officials have said it would take months to resume normal operations and meet production targets, even if the war stopped and the Strait of Hormuz reopened immediately.
