OPEC Plus will not change oil production policy

The Joint Ministerial Committee of the OPEC+ alliance announced during its meeting today, Wednesday, that the oil production policy would remain unchanged.

The committee called on some members to strengthen their commitment to reducing production, in a decision to raise crude prices to the highest level in five months at approximately $90 per barrel.

Oil prices rose this year, supported by scarcity of supplies, attacks on energy infrastructure in Russia, the aggression against Gaza, and the blocking of the Red Sea route.

Brent crude oil was trading at approximately $90 per barrel today, Wednesday, the highest level since late October, after the end of the meeting. (Arabi 21)