Economy News – Follow-up
OPEC Plus has maintained its current oil production policy following a joint ministerial monitoring committee meeting held on Monday. This decision was reached unanimously, even in light of recent actions taken by the United States, including significant tariffs imposed by President Donald Trump on Mexico, Canada, and China, which have generated fluctuations in financial markets and provided some support to oil prices during today’s trading session.
Typically, the OPEC Plus joint ministerial monitoring committee offers recommendations regarding oil production policy; however, no such recommendations were made during this meeting.
Concerns regarding the impact of U.S. sanctions on Russia had previously driven oil prices to $83 per barrel on January 15, marking the highest level since August. Prices have since declined to below $77, but they experienced a rise today as tariff-related fears raised concerns over potential supply disruptions.
The OPEC Plus coalition is currently reducing output by 5.85 million barrels per day, which accounts for approximately 5.7% of global supplies, as part of a series of measures initiated in 2022.
In December, OPEC Plus extended its latest round of production cuts through the first quarter of 2025, further delaying plans to increase output until April. This extension has been driven by ongoing weak demand and heightened supply pressures from outside the group.
Under the current framework, a gradual reduction of 2.2 million barrels per day is planned, with increases expected from the Emirates continuing until September 2026.
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