OPEC+ agreed to maintain their policy on production cuts and gradually raise output as planned starting in April, despite President Trump’s calls for lower prices.
Trump laid out his energy policy agenda in his address to the World Economic Forum, urging OPEC to lower oil prices, saying elevated prices have helped Russia continue the war in Ukraine.
Concerns over US sanctions on Russia had pushed oil prices to $83 a barrel in mid-January, the highest since August 2024, before falling back below $77 later. However, they have risen again as concerns over supply disruptions have mounted.
OPEC+ delegates have pointed out that their current plan is already in place to address market needs.
Notably, OPEC+, including Russia, are cutting production by up to 5.85 million barrels per day (bbl/d), or about 5.7% of their global imports, under a series of measures agreed since 2022.
In October 2022, OPEC+ agreed to cut oil production by 2 million barrels per day (bbl/d) to support oil prices amid fears of a global economic recession.
It made several adjustments to its production targets during 2022, including increasing monthly global oil supply hikes and later bringing some production back online
In April 2023, OPEC+ agreed to extend their voluntary oil production cuts of 2.2 million barrels per day (bbl/d) until the end of November 2024.
However, as market conditions evolved and the need for further stabilization became evident, OPEC+ decided to implement additional cuts, raising the total to 3.66 mmbbl/d starting in April 2025 and continuing until September 2026.