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OPEC ministers meet on global price update

VIENNA, June 29 (KUNA) -- OPEC oil ministers will hold their 184th virtual meeting later Wednesday to look into the latest developments of oil prices and output amid western calls for more production in a bid to reign in surging prices.
The meeting comes just one day ahead of an expanded meeting of the OPEC+ alliance and in light of uncontrollably hiking crude prices as a result of the fallout of the Ukraine war and western sanctions on Russian energy.
Oil prices on Tuesday went up by two US dollars to USD 115 per barrel as the G7 member states vowed to impose further sanctions on Russia in case of shortage of supply.
During today's gathering, the cartel's oil ministers are expected to weigh the principal market factors of supply and demand and a possible need to boost production rates.
Some OPEC members are trying to find an appropriate mechanism that would not upset Russia, the OPEC+ alliance's staunch ally by maintaining acceptable price levels, while, at the same time, giving relative response to western countries' calls in this regard.
This balanced mechanism, according to these countries, would ensure the interests of producers and consumers alike. (end) amg.mt