London, Feb. 3, 2025 – Key OPEC+ members are due to gather online Monday for a review meeting at which they’re expected to leave current supply plans unchanged.
The group led by Saudi Arabia and Russia, which has been withholding output for more than two years in a bid to shore up prices, intends to maintain those curbs for the rest of this quarter and then gradually restore production in monthly stages starting in April.
President Donald Trump has urged the Organization of Petroleum Exporting Countries to “cut the price of oil.”
Several OPEC+ delegates have said they won’t adjust the plan for now since crude markets remain fragile amid faltering demand in China and plentiful supply across the Americas.
The group has another month to assess the scheduled April increase.
Its Joint Ministerial Monitoring Committee convenes at 1 p.m. London time.
A further complication is posed by the US trade tariffs on Canada and Mexico, and the prospect of measures on China.
Brent crude futures climbed above $76 a barrel as traders assessed the moves. Trump has also warned of tougher sanctions on OPEC+ members Iran, Russia and Venezuela.
“OPEC+ is facing a new challenge with President Trump’s tariffs,” said Mukesh Sahdev, head of global commodity markets at consultants Rystad Energy AS.
The group “is likely to act cautiously, balancing its efforts to stabilize prices while also dealing with geopolitical tensions.” (Bloomberg)