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Oil Prices Surge as OPEC+ Maintains Output Policy Amid Supply Concerns

OPEC+’s senior ministers met and maintained oil output policy unchanged, according to three OPEC+ sources, as oil prices reached their highest level in five months.

A ministerial committee of OPEC+, chaired by Russia, convened to examine the market and members’ compliance of output cutbacks.

This year’s oil rally has been fueled by tighter supply, attacks on Russian energy infrastructure, and the Middle East war. Brent crude rose above $89 per barrel on Wednesday, the highest since late October 2023.

OPEC+ members, including Saudi Arabia and Russia, have agreed to extend voluntary output cuts of 2.2 million barrels per day until June to support the market. Russia has decided to focus on reducing oil output rather than exports in the second quarter, to evenly share production cuts.

Source: Energy Ghana