The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Monday reaffirmed its earlier plan to gradually ease production cuts beginning in April 2025, despite pressure from President Donald Trump for bolder action that would lower oil prices.
The decision, made during the 58th Joint Ministerial Monitoring Committee (JMMC) meeting on Feb. 3, was in line with previous commitments to unwind 2.2 million barrels per day (bpd) of cuts over an extended period until September 2026.
The move comes amid a history of strained relations between OPEC+ and Trump, who previously pushed the group to increase production to counter the impact of U.S. sanctions on Iran….