OPEC+ ministers are convening to discuss potential increases in oil production quotas as prices have surged due to the ongoing conflict in Iran, which has significantly disrupted Gulf crude shipments. Despite discussions of raising output by 188,000 barrels per day, analysts suggest that geopolitical realities, particularly the blockage of the Strait of Hormuz, will limit the effectiveness of such measures. The Strait is vital for global oil transport, and Tehran's threats of retaliation have further complicated the situation. Currently, OPEC+ production has plummeted to 33 million barrels per day, a stark decline from nearly 43 million prior to the conflict. The United Arab Emirates' recent departure from OPEC adds to the challenges, as it possesses significant excess production capacity and seeks to maximize its revenues independently. The overall influence of OPEC+ is waning, and analysts warn that any production increases will have minimal impact on global oil prices, which are further affected by reduced demand from China as it utilizes its strategic reserves.