According to three sources within the OPEC+ alliance, the group is poised to approve an increase in its crude oil production target this Sunday, marking the fourth consecutive month of such adjustments. This decision comes despite ongoing supply disruptions from several member nations due to the U.S.-Iran conflict.

Since late February, the conflict has severely disrupted crude shipments through the Strait of Hormuz. This has prevented core OPEC+ members, including Saudi Arabia, from fulfilling their supply commitments to clients, triggering the most severe supply crisis in the history of the global oil market. The situation was further complicated by the United Arab Emirates' decision to leave the Organization of the Petroleum Exporting Countries (OPEC) after nearly 60 years, adding to the alliance's challenges.

OPEC is composed of oil-producing nations, while the OPEC+ alliance also includes cooperating producers such as Russia. Data from the group shows that its seven core members have already cumulatively raised their production quotas by nearly 600,000 barrels per day between April and June.

However, due to restricted exports from Gulf nations, the alliance's actual crude output has fallen sharply. Total production was 42.77 million barrels per day in February but dropped to just 33.19 million barrels per day by April.

The sources indicated that these seven member states are expected to finalize a plan this Sunday to raise the collective production target by approximately 188,000 barrels per day starting in July. This increase matches the adjustment made in June. Previous monthly increases in April and May were originally set at 206,000 barrels per day but were later reduced to the current level following the UAE's departure from OPEC.

All sources requested anonymity and noted that the final decision has not yet been officially confirmed.

The seven countries participating in Sunday's meeting are the core nations within the broader 21-member OPEC+ alliance: Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman.

Additionally, a full ministerial meeting of all OPEC+ member countries is scheduled for the same day, although no further policy changes are anticipated from that gathering.