“OPEC+” expected to maintain current policy at tomorrow’s meeting

Saudi announces its support for the "OPEC +" agreement
“OPEC+” expected to maintain current policy at tomorrow’s meeting

The “OPEC +” group will meet tomorrow, Wednesday, via the Internet, to discuss oil production policy, and it is likely to adhere to its current policy of gradual increases in oil production.

This meeting comes as oil prices continue to rise, amid the ongoing war that Russia is waging against Ukraine, with the countries of the world continuing to announce new sanctions against Moscow.

Reuters quoted two sources as saying that the Russian invasion of Ukraine has not yet affected the progress of the supply agreement between OPEC and its allies.

In this context, the Saudi Cabinet, in its weekly meeting today, affirmed the Kingdom’s keenness on the stability of oil markets and its commitment to the “OPEC +” agreement, which includes members of “OPEC”, Russia, and other allies.

Russian news agencies reported that Russian President Vladimir Putin discussed with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, in a phone call, the “OPEC +” oil agreement, and they pledged to continue coordination with regard to global energy markets.

Oil prices


The price of a barrel of Brent crude rose more than 5 percent on Tuesday, amid growing investor fears of supply disruptions with the tightening of Western sanctions on Russia.

The price of a barrel of European benchmark Brent North Sea crude for delivery in May increased by 5.01 percent to reach $102.88. The price of a barrel of West Texas Intermediate crude for April delivery reached $99.58, an increase of 3.83 percent.

In addition, “Reuters”, quoting sources, reported that the company that owns the Russian gas pipeline “Nord Stream 2” from Moscow to Germany, which is based in Switzerland, is considering filing for bankruptcy, and is trying to settle the claims before the deadline for US sanctions that will be imposed on them starting tomorrow.