OPEC Keeps Gradual Production Hike Plans Despite Trump’s Call to Lower Oil Prices Faster

OPEC+ reaffirmed plans to ease oil production cuts gradually, resisting President Donald Trump’s pressure for more aggressive moves to lower prices.

Representatives of OPEC member countries attend a press conference after the 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna on Oct. 5, 2022. Vladimir Simicek/AFP via Getty Images

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Feb. 3 reaffirmed its earlier plan to gradually ease production cuts beginning in April, despite pressure from U.S. President Donald Trump for bolder action that would lower oil prices.

The decision, made during the 58th Joint Ministerial Monitoring Committee meeting on Feb. 3, was in line with previous commitments to unwind 2.2 million barrels per day of cuts over an extended period until September 2026.