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RIYADH: The Organization of the Petroleum Exporting Countries and its allies is likely to stick to its oil production plans this week despite the EU’s move to sanction Russia, Bloomberg reported. 

Little action from the OPEC+ is required as global oil supply and demand levels remain stable, Bloomberg reported, citing an official close to the organization. 

Following the EU’s embargo on Russia, oil prices exceeded $124 a barrel in London on Tuesday, leaving the global market coping with rising fuel prices and limited supplies.