OPEC+ to maintain current production plans, despite Trump’s call for lower crude prices

(Bloomberg) – OPEC+ didn’t make any changes to its existing oil-production plans at a review meeting on Monday, even as President Donald Trump called on the group to lower crude prices.

A panel of key members led by Saudi Arabia and Russia maintained plans to keep a lid on crude supplies for the rest of this quarter, and then gradually restore output in monthly stages from April, according to a statement. The coalition has been withholding barrels for more than two years to prevent a surplus, and has already delayed its production revival three times in a bid to shore up prices.

“Despite some doubts, market fundamentals remain strong, as indicators of economic growth recovery are showing in several regions,” the Energy Ministry of OPEC-member Algeria said in a statement. “We expect a greater recovery in demand for oil starting next April after a seasonal slowdown during the first three months of the year.”

Trump’s request for more oil “were partially touched upon, one way or another,” Russia’s Deputy Prime Minister Alexander Novak said in an interview with state-run Rossiya 24 TV channel. “The issue is certainly on the agenda in terms of market analysis and how the agreement is working today.”

All the ministers at the Joint Ministerial Monitoring Committee meeting emphasized their commitment to the alliance’s efforts to balance the market, Novak said.

The JMMC meeting focused on member countries’ compliance with existing output cuts and compensation for past over-production, delegates said. It also changed the composition of the external sources OPEC+ uses to monitor members’ production, removing two of the existing seven — Rystad Energy AS and the US government’s Energy Information Administration — and replacing them with consultants Kpler, OilX and ESAI.

The meeting indicates that the Organization of Petroleum Exporting Countries and its allies are in no hurry to placate Trump, who twice last week urged the producers to lower the cost of fuel. The cartel remains wary of inundating global markets as demand falters in top consumer China, while alternative supplies across the Americas are booming.

The new president has already made his presence felt in oil markets, with the announcement of trade tariffs on Canada and Mexico at the weekend. Brent crude futures briefly climbed above $77 a barrel on Monday.