International oil prices remain elevated due to the blockage of the Strait of Hormuz.
OPEC+ ministers were due to meet on Sunday to weigh higher production quotas in a bid to cap oil prices that have surged since the Iran war effectively choked off Gulf crude shipments.
But even if the cartel members vow to ramp up output by thousands of barrels per day, analysts say geopolitical realities mean they probably won't move the needle on prices.
With the crucial Strait of Hormuz shut since US and Israeli attacks on Iran in late February, oil prices have nearly doubled, igniting inflation pressures worldwide.
Ministers from the 21 member states of OPEC+, the main oil producing nations and their allies, are holding their quarterly meeting online.
