Pakistan, May 2 -- A group of OPEC+ countries has agreed in principle to a small increase in oil production targets, according to sources familiar with the matter. The planned hike is about 188,000 barrels per day for June. The decision comes ahead of an upcoming virtual policy meeting.

The agreement involves seven key members, including Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. The increase is similar to last month's adjustment but slightly lower due to changes in membership. The United Arab Emirates has reportedly stepped away from the group's production coordination framework.

Read more: Russia says OPEC+ steady after UAE exit

Despite the planned hike, analysts say the impact may be limited. Ongoing disrupti...