Oil prices soared on Monday after Russia announced it would support steady oil production ahead of the meeting this week.

Earlier in the session on Monday, futures were dropped following the news that the container ship Ever Given, which blocked traffic on the Suez Canal for about a week, was floated.

It can take weeks and possibly months to troubleshoot disruptions in the global shipping industry caused by the ship in the Suez Canal. Egyptian officials claim that the cost of this accident to the country was $ 95 million.

Even if Ever Given leaves the Canal in a few days, some leftover downstream fluctuations will undoubtedly continue due to the legacy she left.

Brent oil rose 26 cents to $64.83 a barrel by 1:08 p.m. EDT (1708 GMT). West Texas Intermediate (WTI) crude rose 47 cents to $61.44 a barrel.

OPEC + and its allies, including Russia, support broadly stable oil production. However, to meet the increasing seasonal demand, Russia may be looking for a relatively small increase in production.

Russia’s oil and gas condensate production is said to have increased from 10.1 million barrels in February to 10.22 million barrels a day from March 1-28.

A similar decision to the one in the last meeting is expected also to be taken at the OPEC + meeting on April 1 for the supply policy.

Struggling with the rise of COVID-19 infections that limit price increases, some European countries have tightened lockdown restrictions, and fuel demand continues to remain weak across the continent. Britain’s home stay ban ended on Monday.