New Delhi, April 5 -- Eight OPEC members have reached an agreement to increase their oil production once the Strait of Hormuz becomes navigable again, Reuters reported citing OPEC sources.

The OPEC on Sunday said it plans to expand oil production quotas by 206,000 barrels daily for May. This marginal increase will primarily exist as a formal gesture, given that major members find it impossible to boost output amid the ongoing US-Israeli conflict with Iran.

The hostilities have effectively blocked the Strait of Hormuz - the most critical oil corridor globally - since late February, halting exports from OPEC nations like Saudi Arabia, the UAE, Kuwait, and Iraq. These were the only members capable of significantly increasing production pri...