World Bank President David Malpass said on Wednesday that oil-producing Gulf countries can play a vital role in calming oil and gas prices in the coming months.

And many consuming countries urged the "OPEC Plus" group (OPEC +) to increase production at a faster pace, with the rise in crude prices, which reached their highest levels since 2008 in March at the level of 139 dollars per barrel.

"We are witnessing a huge restructuring in the global oil markets, as the flexibility of supply to the Gulf Cooperation Council countries will play a vital role in calming prices in the coming months," Malpass said in a speech at the World Government Summit in Dubai, which was broadcast on television.

"We already see that the GCC countries are ready to invest quickly in this area and help reduce prices at the level of the sector as a whole," he added.

Crude prices are rising again

Oil futures prices rose again during trading today, Wednesday, after two days of decline, in light of the cautious investor assessment of the prospects for a decline in the intensity of the military conflict between Russia and Ukraine.

The price of Brent crude, the global oil standard, rose to 112.4 dollars a barrel for delivery next May, after its decline yesterday by 2%.

The price of West Texas Intermediate crude - the benchmark for US oil - rose today by 2.3% to about $ 106.7 a barrel for delivery next May, after its decline during the previous two days by 8.5%.

Russia offered a "significant reduction" in its military operations in northern Ukraine, and a source close to the Kremlin said that de-escalation did not mean a ceasefire or a complete withdrawal of forces from around the Ukrainian capital, Kyiv.

The United States had reservations about announcing progress in peace talks between Russia and Ukraine, according to Bloomberg News.