The world price of oil rose above $105 a barrel ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+.

On Tuesday, Brent Crude futures rose 7.35% to $105.66 a barrel, at 4:30 p.m. GMT+1.

West Texas Intermediate crude futures rose proportionally 7.54% to $103.32 a barrel.

OPEC and its allies have adopted a system of production cuts to support prices and avoid oversupply in the world oil market

OPEC+ will meet on Wednesday to discuss monthly oil production amid the Russia-Ukraine dispute.

Tamas Varga, analyst at PVM Oil Associates, said Reuters“OPEC is likely to stick to its original plan of a monthly increase of 400,000 bpd, which won’t allay fears.”

“The United States is coordinating an additional release of SPR (Strategic Petroleum Reserve), and today the IEA Special Meeting is also expected to address the issue of energy security. These might provide short-term relief.

Recently, world oil prices have flown away amid fears that Russia’s invasion of Ukraine could trigger supply disruptions in the global oil market.

“The fragile situation in Ukraine and the financial and energy sanctions against Russia will keep the energy crisis fueled and oil well above $100 a barrel in the short term and even higher if the conflict escalates,” Louise Dickson, analyst senior of the oil market of Rystad Energy, writes in a note.

Timipre Sylva, Minister of State for Petroleum Resources, said that the rising oil prices would push Nigeria out of its comfort zone.

In Nigeria, high oil prices mean high subsidy payments. This year, the government said it would spend up to 3 trillion naira to deal with falling PMS prices.