Key information
- OPEC+ officials will not respond directly to President Trump’s demand for lower oil prices.
- Saudi Economy Minister Faisal al-Ibrahim said they were still focused on long-term stability within the oil market, citing an existing plan to gradually increase oil production starting in April 2025.
- Oil prices have fluctuated this year, partly attributed to concerns about supply disruptions due to U.S. sanctions on Russia, with no indication of a significant response from OPEC+ officials despite Trump’s comments .
OPEC+ officials did not respond directly to President Donald Trump’s recent demand to lower oil prices. The group’s delegates cited an existing plan to gradually increase oil production starting in April 2025. That plan, previously delayed due to sluggish demand, is being maintained despite Trump’s call at a round table at the World Economic Forum in Davos.
Saudi Economy Minister Faisal al-Ibrahim said their goal remained long-term stability within the oil market. He made the remarks while responding to questions regarding Trump’s comments. OPEC+, made up of OPEC members and allies like Russia, is not directly aimed at manipulating oil prices. A delegate from the group suggested that the increase in production planned for April aligns with the US president’s desire to lower prices.
Oil prices fluctuate
Oil prices have fluctuated this year, peaking near $83 a barrel in January before falling below $79 on Friday. The price rise was partly attributed to concerns about supply disruptions due to U.S. sanctions against Russia. Trump claimed that a drop in oil prices would lead to an immediate end to the conflict between Russia and Ukraine. However, Kremlin spokesman Dmitry Peskov refuted the claim, emphasizing that the conflict is rooted in national security issues rather than oil prices.
Previous calls
Trump frequently urged OPEC and Saudi Arabia to lower oil prices during his first term, in an effort to offset reduced Iranian exports. His statements often had a significant influence on market prices, sometimes exceeding the impact of OPEC’s own actions.
-The Joint Ministerial Monitoring Committee, made up of key OPEC+ ministers, is expected to meet in early February. A decision on increasing production in April is expected to be made around March, based on past practices.
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