OPEC+ Ignores Trump's Plea for Lower Oil Prices, Citing Planned Production Hike
OPEC+ has remained unresponsive to President Donald Trump's request for lower oil prices, stating that the group has an existing plan to increase production starting in April.
Saudi Arabia's Economy Minister, Faisal al-Ibrahim, emphasized the country's and OPEC's commitment to long-term oil market stability in response to Trump's comments.
OPEC+, which includes OPEC, Russia, and other allies, does not target specific oil prices and has already scheduled a production increase for April 2025, which has been delayed several times due to weak demand.
"We believe this aligns with OPEC's gradual easing policy in April," an OPEC+ delegate said regarding Trump's request.
Oil prices have experienced a surge this year, with Brent crude reaching nearly $83 a barrel in mid-January, supported by concerns over supply disruptions caused by U.S. sanctions on Russia. Prices have since retreated to below $79.
Trump also claimed that lower prices would immediately end the Russia-Ukraine conflict. However, Kremlin spokesman Dmitry Peskov refuted this notion, asserting that the conflict stems from national security concerns rather than oil.
During his first term, Trump frequently pressured OPEC and Saudi Arabia to reduce prices and compensate for Iran's export shortfall, with his comments often having a significant impact on prices.
OPEC+ is expected to review its policy at the Joint Ministerial Monitoring Committee meeting on February 3. Based on the group's historical practices, a decision on the April production increase is likely to be made in early March.