Seven Opec+ countries are set to agree on Sunday a modest oil output hike of about 188,000 barrels per day in June, sources said, but the increase will remain largely on paper as long as the US-Iran war continues to disrupt Gulf oil supplies.

The move is designed to show the group is ready to raise supplies once the war stops. It is also pressing on with plans to raise output targets despite the departure of the United Arab Emirates from the group this week, sources said.

The output hike will remain largely symbolic until shipping through the Strait of Hormuz reopens and even then it will take several weeks if not months for flows to normalise, oil executives from the Gulf and global oil traders have said.