OPEC Plus ministers did not make any recommendations to change the bloc’s production policy. Russia confirmed that the group is ready to take a decision to support the oil market at any moment.
Brent crude prices have hovered above $80 per barrel since January 24, supported by geopolitical tensions in the Middle East. OPEC Plus will consider in early March whether to extend the voluntary oil production cuts amounting to 2.2 million barrels per day, which are scheduled to expire at the end of the current quarter.