OPEC Sticks to Gradual Production Increase Despite Trump’s Push for Quicker Oil Price Reductions
OPEC+ reiterated its intention to gradually ease oil production cuts, despite pressure from President Donald Trump to take more aggressive action to lower prices.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) reaffirmed their plan to gradually ease production cuts starting in April 2025. This decision was made during the 58th Joint Ministerial Monitoring Committee (JMMC) meeting on Feb. 3, aligning with previous commitments to reduce cuts by 2.2 million barrels per day (bpd) until September 2026.
The history of strained relations between OPEC+ and Trump stems from his previous demands for increased production to offset the impact of U.S. sanctions on Iran.
Russia’s Deputy Prime Minister Alexander Novak indicated that OPEC+ discussed Trump’s request to boost oil production and confirmed plans to gradually raise output from April 1 as agreed. Novak criticized Trump for attempting to manipulate the oil market to suit his interests.
At the OPEC+ meeting, Novak expressed concerns about the new U.S. administration’s push for OPEC countries to lower oil prices and interfere with the global oil market, which he deemed unacceptable.
The next OPEC+ ministerial meeting is scheduled for April 5, 2025, where ministers will assess market conditions and compliance before implementing the planned production increase in April.
