Oil prices have risen in the Middle East and the world’s largest oil exporter will see a boost in sales when the country’s largest refinery, in Qatar, begins work again.
The price of Brent crude, the global benchmark for oil, jumped by over 30 percent on Wednesday to $107.50 a barrel in Dubai, the highest since mid-October.
Brent, which is mostly exported to the United States and the European Union, is now trading at $99 a barrel.
The benchmark for crude is currently $55 a barrel, down nearly 20 percent from its peak of $115 in June 2016.
The price of West Texas Intermediate, the U.S. benchmark, also rose to $110.45 a barrel on Wednesday.
Brent has fallen by almost half since mid, but is now down $1.70 a barrel to $97.40 a barrel after falling nearly 25 percent in the previous week.
The refinery is expected to restart in January, but the refinery itself is not expected to reopen until at least April.
The refinery has had a long history of delays, which have seen it become a focal point of the countrys energy industry, as it has long been in the middle of a political dispute with Qatar.
Qataris have accused Qatar of supporting terrorism, and have been angered by the governments efforts to expand its energy sector in the wake of the conflict in neighboring Bahrain.
The country has also had to contend with the effects of an economic downturn.
In a statement, OPEC said it was concerned that the delay would result in a deterioration in the quality of the oil supply, as well as the impact on domestic prices.
Oil markets have already begun to recover from the recent disruptions, as traders and oil producers look to recover as much as they can.
Oil futures for November were trading up by 1.7 percent at $104.50, the most in more than two weeks.