The oil and energy ministers of the OPEC+ have met as Moscow's military strike on Ukraine pushed oil prices to their highest level in eight years and Brent crude has passed $110 per barrel.

The price of the OPEC oil basket has also increased by more than $13 per barrel between the 25th and 26th OPEC+ meetings.

Coordinated withdrawal of 60 million barrels from the International Energy Agency's strategic oil inventories, agreed on Tuesday, has somewhat limited price growth. According to the IEA, commercial oil stocks are at their lowest level since 2014.

OPEC+ members came together to discuss the coalition's crude oil production policies for April 2022. Experts, however, expect the coalition to adhere to a gradual monthly increase of 400,000 barrels per day.

OPEC and its allies have been adding 400,000 barrels a day to the group’s output since August to end the 2020 supply cuts.

In response to the collapse in demand at the height of the Covid-19 outbreak, OPEC+ reduced its output by 9.7 million barrels per day in May 2020, equivalent to about 10 percent of the global demand, but has since facilitated supply constraints as demand has improved.