OPEC+ oil-producing countries will likely agree a ‌further hike in their output target for July when they meet on Sunday, Reuters said quoting three sources.

However, the US-Iran war and the blockade of Strait of Hormuz has so far prevented several of these countries from delivering previous increases.

Another quota increase would show the group is approaching business as usual ​despite the disruption caused by the Strait of Hormuz closure and the unexpected exit in ​May of the United Arab Emirates, a member of the Organization of the ⁠Petroleum Exporting Countries for almost 60 years, said the report.

Seven core members of OPEC+, which groups OPEC and allied producers ​including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day.

In ​reality, the group's production has collapsed due to export cuts by Gulf members, averaging 33.19 million bpd in April versus 42.77 million in February, according to OPEC figures.

The monthly target set by the seven is expected to increase by ​about 188,000 bpd for July, the sources said. This is the same as the hike agreed for ​June, which was adjusted down from 206,000 bpd to take into account the UAE exit.