OPEC+ is considering an oil output increase, potentially to be approved Sunday, according to sources within the group.
The planned rise in production quotas for May is largely symbolic, as the current Middle East conflict is limiting actual increases from several of the alliance’s largest members.
Key members are constrained in their ability to raise production amid ongoing tensions. Sources indicate the increase will have little immediate impact on global oil supply.
The move to increase quotas appears to be largely for show, given the existing geopolitical factors.