OPEC+ meeting scheduled for Sunday
The article discusses the oil market outlook ahead of the OPEC+ meeting scheduled for Sunday, where no new decisions regarding production policy are expected. The focus is on assessing market developments and the commitments of member countries. The Russian Deputy Prime Minister confirmed that demand in the market is recovering, and the alliance is reviewing supply and demand conditions without any intention of cutting production at this time. Oil prices declined after rising for three consecutive sessions, amid reduced fears of a US-Iranian military escalation, despite ongoing tensions. Meanwhile, Brent crude has increased by over 8% over the three sessions since the start of the year. US oil inventories have risen to their highest levels ever, with expectations of increased Venezuelan oil production.
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