Opec+ likely to maintain production at current levels

Ministers of the Organisation of the Petroleum Exporting Countries and allied nations (Opec+) are expected to keep current output levels unchanged, analysts told AFP.

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The biannual ministerial meeting comes as uncertainty remains over how oil prices will develop in the near future, with traders looking for signs that indicate progress in ongoing negotiations on resolving the conflict in Ukraine, which could lead to the return of Russian crude to markets.

Since April, eight key Opec+ members led by Saudi Arabia and Russia have boosted production in an effort to regain market share amid strong competition from producers outside the group such as the United States, Canada and Guyana.