Opec+ reached agreement on a small increase in production quotas without the Emirates

Seven OPEC+ countries have reached an agreement in principle to increase oil production targets by around 188,000 barrels per day in June, going ahead with plans despite the UAE's exit, two sources familiar with OPEC+'s intentions told Reuters ahead of Sunday's policy meeting.

The increase is similar to last month's increase of 206,000 barrels per day, net of the share of the United Arab Emirates, which in a surprise announcement this week signalled its intention to leave the group as of 1 May. The decision indicates that OPEC+ is proceeding with a 'business as usual' approach, one of the sources said earlier.

Both sources spoke on the condition of anonymity. The seven members will meet online on Sunday.

The production increases are largely symbolic for now, as most of the maritime traffic through the Strait of Hormuz is blocked by the US-Israeli war against Iran, which is causing far more damage to OPEC countries' production than the group's agreed targets.