Vienna, Austria — An OPEC+ panel on Monday reaffirmed the oil cartel’s plan to gradually hike output starting from April, after US President Donald Trump called for lower prices.
In a bid to boost prices, the Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and Russian-led allies have cut supply by almost six million barrels per day (bpd) since 2022.
The OPEC+ alliance has repeatedly postponed putting some of the withheld barrels back on the market.
In December, eight OPEC+ countries announced they would start phasing out 2.2 million bpd of voluntary supply cuts from April, at a rate of 120,000 bpd each month for 18 months.
In a statement following a videoconference, the members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) “reaffirmed their commitment” to the output policy decided on December 5.
The decision to stick to the alliance’s timetable to unwind cuts comes after Trump said last month that he would ask Saudi Arabia and OPEC to lower oil prices.
In recent weeks, oil prices have been muted, hovering around $75 per barrel.
Analysts say maintaining the timetable was also a sign of caution amid uncertainties the markets face as Trump announced tariffs against Canada, China and Mexico.
Oil prices rose Monday as the measures include a 10-percent tariff on Canadian oil.
Amid various uncertainties, “it makes in my view sense to stick to the current path and not change it”, UBS analyst Giovanni Staunovo told AFP.
Following sanctions by Washington and London against Russia’s energy sector announced in January, the International Energy Agency (IEA) said the new measures “could result in a tightening of crude and product balances”.
The alliance also emphasised the improved compliance of Kazakhstan and Iraq, two members which had been criticised for producing more than their quotas.
The next JMMC meeting is scheduled for April 5, the statement said.