An oil facility in southern Iraq (Photo: AFP/VNA)

In a statement, OPEC said extraordinary efforts by OPEC+ members helped the global economy overcome the many challenges of the past several years and ensured the stability of the oil market.

Oil extended gains following supply disruptions in Libya and increased tensions in the Middle East. Local protests have forced a full shutdown of production at Libya's Sharara oilfield, which can produce up to 300,000 barrels per day.

Oil prices had climbed around 2 USD per barrel earlier this week after attacks on vessels in the Red Sea by Yemen’s Houthis.

Meanwhile, expectations of ample oil in the first half of 2024 have contained prices ahead of OPEC+ plans to hold a meeting of its Joint Ministerial Monitoring Committee in early February.