Investing.com -- Key OPEC+ members plan to continue monthly oil quota increases through September, aiming to complete the restoration of production cuts made in 2023, delegates told Bloomberg on Thursday. The move comes as major producers remain unable to deliver actual supply hikes due to the Iran war blocking Persian Gulf exports.

The group has formally agreed to restore approximately two-thirds of a 1.65 million barrel per day supply cutback implemented in 2023. Plans call for reviving the remaining portion through three additional monthly stages, though the actual delivery of these increases remains blocked by the ongoing conflict.

The alliance, led by Saudi Arabia and Russia, has proceeded with modest supply increases during the war. Global markets face an urgent need for additional oil to address a supply gap exceeding 1 billion barrels caused by the conflict, which has depleted global inventories and driven fuel prices higher, raising recession concerns.

Eight key members of the Organization of the Petroleum Exporting Countries and its partners were restoring crude production shuttered years earlier to address a market glut before the US-Israeli alliance and Iran conflict began on Feb. 28.

The United Arab Emirates withdrew from OPEC this month after decades of membership, following disagreements with Saudi Arabia over production limits. The departure reduced the group's ranks by one member.

The remaining seven members approved an increase of 188,000 barrels per day for June during their May 3 video conference. The next meeting to review production policy for July is scheduled for June 7.

The UAE's exit removes approximately 144,000 barrels per day from the original 1.65 million barrel per day cut.