Baghdad:Oil and energy specialist Dhurgham Mohammed Ali stated that the OPEC+ alliance’s decision to maintain current production ceilings is expected to contribute to greater stability in the global oil market.

According to the National Iraqi News Agency, Mohammed Ali explained that the decision would strengthen producers’ positions by maintaining control over oil supply and avoiding an increase in production. This strategy, he noted, could help offset losses incurred during disruptions to global energy supply chains.

He also highlighted that the decision was influenced by economic, technical, and geopolitical factors affecting oil-producing countries. These factors have led to increased transportation and insurance costs, which in turn, impact the final price of a barrel of oil.

The recent OPEC+ meeting concluded with an agreement to keep current production levels unchanged for the next three months.