CommoditiesData

OPEC+ Maintains Oil Production Policy Until April 2025

The Joint Ministerial Committee of the “OPEC+” alliance convened on Monday evening in Vienna and announced its decision to uphold the current oil production policy without any alterations. This marks the coalition’s first decision following the request made by former U.S. President Donald Trump on his inauguration day, urging OPEC, particularly Saudi Arabia, to take steps to reduce crude oil prices.

In its last meeting held at the beginning of December last year, the coalition had previously deferred plans to increase oil production for a three-month period until April 2025. This latest confirmation reiterates that crude oil supply will not expand under the voluntary reductions agreed upon prior to this date. The next gathering of the Joint Ministerial Monitoring Committee for “OPEC+” members is scheduled for April 5 to review data and determine necessary actions.

Furthermore, the committee disclosed an adjustment in the secondary sources employed by “OPEC+” to assess the production levels of participating countries. This change will take effect as of February 1.

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