UAE Energy Minister Suhail Al Mazrouei stated on Wednesday that Opec+ is performing a 'noble' task in balancing the oil market, despite not being the primary producer of global oil. 'Opec+ has made more sacrifices than others, but the crucial aspect is that it remains united,' Mazrouei remarked during an industry event in Fujairah. He refrained from commenting on the short-term outlook for oil in 2025, citing numerous variables, including geopolitics. Oil prices surged by over a dollar on Wednesday due to escalating concerns that Middle East tensions could disrupt crude output from the region, following Iran's largest-ever military strike against Israel. Brent crude was trading at $74.56 a barrel at 0330 GMT (7.30am UAE time). Top ministers from the Organisation of the Petroleum Exporting Countries and allies led by Russia, collectively known as Opec+, will convene an online joint ministerial monitoring committee (JMMC) meeting on Wednesday at 1200 GMT (4pm UAE time). Oil prices have declined in 2024, with Brent crude falling below $70 a barrel for the first time since 2021 last month, influenced by concerns over global demand and increased supply outside Opec+. Opec+ has reduced output by approximately 5.7% of global demand through a series of measures agreed upon since late 2022. The JMMC meeting on Wednesday is not expected to propose any alterations to the current plan to begin unwinding some cuts from December, according to five sources from the producer group who spoke to Reuters.