OPEC+ ignores Trump’s call for lower oil prices, sticks to output plan

OPEC+ has yet to respond to U.S. President Donald Trump’s recent call for lower oil prices. The group, which includes OPEC members, Russia, and other allies, is already set to increase oil production in April, according to its delegates.

Speaking at the World Economic Forum in Davos, Saudi Economy Minister Faisal al-Ibrahim emphasized the kingdom’s commitment to long-term oil market stability. “OPEC’s position is to ensure sufficient supply for growing demand,” he said, sidestepping Trump’s appeal.

Trump, who frequently pressured OPEC during his first term, suggested on Thursday that Saudi Arabia and OPEC should lower oil prices—a move he claims could hasten the end of the Russia-Ukraine war. However, Kremlin spokesperson Dmitry Peskov dismissed the notion, framing the conflict as a matter of national security rather than oil economics.

OPEC+ has maintained production cuts of 5.86 million barrels per day (bpd)—around 5.7% of global demand—since 2022 to stabilize the market. While several members, including the UAE and Iraq, advocate for faster output increases, the group has stuck to its cautious strategy.

Analysts note that Trump’s potential return to the White House could tighten U.S. sanctions on Iran, threatening its oil exports of over 1.5 million bpd. This could make OPEC’s spare capacity critical in cushioning any supply disruptions.

Currently, oil prices are hovering below $79 per barrel, after briefly spiking to nearly $83 earlier this month due to fears over the impact of U.S. sanctions on Russia. Most OPEC nations depend on prices exceeding $80 per barrel to balance their budgets.

OPEC+ is expected to finalize its April production hike decision in early March, with its Joint Ministerial Monitoring Committee set to review the policy on February 3.

Scroll to Top