Seven OPEC+ countries have an agreement in principle to raise oil output targets by about 188,000 barrels per day in June, pressing on with plans despite the departure of the UAE, two sources familiar with OPEC+ thinking said ahead of a policy meeting on Sunday.
The output hike is largely symbolic for now, with most shipping through the Strait of Hormuz halted by the US-Israeli war on Iran, which is causing far more disruption to the producer group’s output than its agreed targets.
The increase is similar to last…
