OPEC+ not planning to change plans to gradually increase output: delegates

OPEC+ delegates said the group does not plan to change its current plans to gradually increase output at its meeting next Monday, despite US President Donald Trump’s call to lower oil prices.

Ministers from OPEC and its allies, led by Russia, are due to meet at 1300 GMT, days after Trump called for more oil to be pumped. Four sources confirmed that the Joint Ministerial Monitoring Committee would not recommend increasing output more than planned, with indications that it was still too early to confirm.

OPEC did not respond to requests for comment. In the same context, Kazakhstan said the group would study Trump’s efforts to increase US oil production and take a common position.

Brent crude has risen this year to $83 a barrel on January 15, but fell below $77 on Monday on concerns about tariffs that Trump has threatened to impose on Canada and Mexico.

OPEC+ is currently cutting oil production by 5.85 million barrels per day, or 5.7% of global supply. The cuts have been extended through the first quarter of 2025, with production set to start increasing in April by 138,000 barrels per day each month until September 2026. Analysts said maintaining the April plan would be an appropriate response to Trump’s call, with a final decision expected in early March.