Brent crude rose 55 cents (0.7%) to $ 79.15 a barrel by 1410 GMT after hitting a high of $ 79.85. Three oil producers have declared force majeure on some of their oil production this month due to maintenance issues and the closure of oil fields. Investors are waiting for the OPEC + meeting on January 4, and the alliance will decide whether to plan to increase production by 400,000 barrels per day in February. At the last meeting, OPEC + stuck to plans to increase production in January, despite Omicron. Russia is unlikely to reach its pre-pandemic oil production target in May due to lack of reserve capacity, analysts and business sources say, but it could reach it later this year.

Source: Libya Today December 29, 2021 03:17 UTC