Opec+ ministers are to meet today to weigh higher production quotas in a bid to cap oil prices that have surged since the Iran war effectively choked off Gulf crude shipments, AFP reports.

But even if the cartel members vow to ramp up output by thousands of barrels per day, analysts say geopolitical realities mean they probably won’t move the needle on prices.

Ministers from the 21 member states of Opec+, the main oil-producing nations and their allies, are holding their quarterly meeting online.

The group is likely to beef up its production quotas by “188,000 barrels a day”, said Jorge Leon, analyst at Rystad Energy, similar to recent increases.

But in reality, only seven members — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — have the capacity to do so.

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