OPEC+ Sunday meeting may consider further increasing output quotas.

According to reports, two OPEC+ sources said that at a meeting of eight member countries on Sunday, OPEC+ may consider further increasing oil production, which would allow major oil-producing countries to quickly increase supplies once the Strait of Hormuz reopens. At the previous meeting on March 1, OPEC+ agreed to a small increase in production of 206,000 barrels per day in April. Sunday's meeting will decide production quotas for May. Despite no signs yet of the soon reopening of the Strait of Hormuz, one source said OPEC+ is likely to agree on a production increase plan that will have almost no immediate impact on current supplies, but will signal readiness to increase production once tankers can resume transit through the strait. "We need to respond, at least in form," one source said. "The market needs every barrel of crude oil that can be produced now," another source said. A third source said that considering current export restrictions, it may also pause the monthly production increase arrangement.