OPEC+ Won’t Change Oil Production Plans

OPEC+ Won’t Change Oil Production Plans | OilPrice.com

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Breaking News:

ByTsvetana Paraskova– Feb 03, 2025, 8:17 AM CST

Despite pressure from President Trump and a recent rise in oil prices, the OPEC+ group has said it won’t change its current plan to begin gradually unwinding the cuts from April.

The Joint Ministerial Monitoring Committee (JMMC), the OPEC+ panel reviewing policy and markets and potentially recommending actions to the group’s ministers to take, made its decision during its Monday meeting.

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No changes had been expected after anonymous delegates to Reuters ahead of the JMMC meeting.

The JMMC, the panel that takes stock of oil market developments and proposes courses of action to the ministers of the OPEC+ group, doesn’t take decisions on production levels—these are taken by the OPEC+ ministerial meetings.

At the previous ministerial gathering in December, the alliance decided to delay the start of the easing of the 2.2 million bpd cuts to April 2025, from January 2025. The group also extended the period in which it would unwind all these cuts into the following year, until September 2026.

OPEC+ reiterated the importance of compliance with the cuts and the timely compensation for those producers who haven’t adhered to their assigned quotas.

Ahead of the JMMC meeting on Monday, the oil market saw several turbulent weeks in which oil prices jumped after the previous U.S. Administration slapped aggressive sanctions on Russian oil trade. Prices fell two weeks later after the new administration, President Trump specifically, called on OPEC to lower the price of oil.

“I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” President Trump said in an address to the World Economic Forum, four days into his second term in office.

On Monday, global financial markets sunk while oil prices rose after President Trump announced 25% tariffs on all imports from Mexico and Canada, except for Canadian energy, for which the levy would be 10%. China will also be taxed with an additional 10% on all its exports to the U.S.

By Tsvetana Paraskova for Oilprice.com

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