The output increase will remain largely on paper as long as the U.S.-Iran war continues to disrupt Gulf oil supplies.

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The output increase will remain largely on paper as long as the U.S.-Iran war continues to disrupt Gulf oil supplies.

Concerns around production were amplified further last week with news of the UAE's shock departure.

OPEC+ raises oil production quotas amid UAE's withdrawal, but actual output may remain limited due to geopolitical constraints.