Abu dhabi: OPEC+ may approve an oil output increase on Sunday, according to four sources from the group. The proposed rise is largely symbolic, as key members are unable to raise production due to the ongoing US-Israeli war with Iran.

According to TRTworld.com, the conflict has effectively shut the Strait of Hormuz, the world's most crucial oil route, since the end of February. This closure has significantly impacted exports from OPEC+ members Saudi Arabia, the UAE, Kuwait, and Iraq, which were the only countries in the group with the capacity to significantly boost production even before the conflict began.

Other members of the group, such as Russia, find themselves unable to increase output due to Western sanctions and infrastructure damage caused during the war with Ukraine. Within the Gulf region, missile and drone attacks have inflicted severe damage on infrastructure, with several Gulf officials indicating that it would take months to resume normal operations and reach production targets, even if the war ceased and the Strait of Hormuz reopened immediately.

At its last meeting on March 1, coinciding with the onset of war disruptions to oil flows, OPEC+ agreed to a modest output boost of 206,000 barrels per day for April. However, a month later, the largest oil supply disruption on record is estimated to have removed as many as 12 to 15 million barrels per day, or up to 15 percent of global supply.

Crude prices have surged to a four-year high, nearing $120 a barrel. JPMorgan has warned that oil prices could spike above $150, marking an all-time high, if the disruption of flows via Hormuz continues into mid-May. Sunday's meeting will discuss OPEC+ quotas for May, sources said. An increase in quotas would have little immediate impact on supply but would signal readiness to raise output once Hormuz reopens, as noted by OPEC+ sources. Consultancy Energy Aspects has described the increase as "academic" as long as disruptions in the strait persist.