Sources say that OPEC+ will agree to another increase in oil production without UAE.

Three sources familiar with the discussions said that seven members of OPEC+ will likely agree to another increase in oil production targets when they meet this Sunday. The size of the increase has been reduced to reflect the exit of the United Arab emirates from the producer group.

Few producers are able to increase?production because the U.S./Israeli war against Iran has effectively closed the 'Strait of Hormuz for shipping. OPEC+ said that before the UAE's surprise announcement on Tuesday, it would leave OPEC from May 1, the eight members were expected to increase their production by 206,000 barrels a day (bpd), repeating the same?increases in May and April.

Sources said that they are now 'likely' to move forward with a similar rise, which would remove the UAE share of 18,000?bpd. Sources spoke on condition of anonymity. One said that the group had yet to make a decision before the meeting.

OPEC didn't?immediately reply to a comment request sent Wednesday after hours of business.

(source: Reuters)