OPEC+ has decided to continue with its current oil production plans after a review meeting on February 2 despite calls from US President Donald Trump to lower crude prices.

According to a statement released by the organisation, a panel led by Saudi Arabia and Russia have decided to limit crude supplies throughout the first quarter of 2025 with the aim of restoring output gradually from April. So far, OPEC has stuck to its initial plan of holding back barrels since 2023 to prevent a surplus and increase prices, delaying production revival three times to do so.

Shedding light on the issue, Algeria’s Energy Ministry said in a statement that despite doubts, “market fundamentals remain strong, as indicators of economic growth recovery are showing in several regions”. The official added that OPEC expected a “greater recovery in demand for oil starting next April after a seasonal slowdown during the first three months of the year”.

Referring to Trump’s demands for an increase in oil production, Russia’s Deputy Prime Minister Alexander Novak said the panel “partially touched upon [the subject], one way or another,” in an interview with Russia’s state-owned TV channel Rossiya 24, according to the Financial Post.

He added that the issue was “certainly on the agenda in terms of market analysis and how the agreement is working today”.

Novak continued to conclude that all ministers at the Joint Ministerial Monitoring Committee (JMMC) reaffirmed their commitment to OPEC’s plan to balance the market.

According to other delegates, additional topics featured in the JMMC meeting included member countries’ compliance with output cuts as well as compensation for over-production in the past.

The meeting proceeded to update the composition of external sources OPEC+ utilises to monitor production of member states, replacing the US government’s Energy Information Administration and Rystad Energy AS with consultancies such as OilX, ESAI and Kpler.