By ahmad ghaddar and olesya astakhova
LONDON- OPEC+ is unlikely to alter existing plans to raise output gradually when it meets on Monday, delegates from the producer group told Reuters, despite US President Donald Trump urging OPEC and its de facto leader Saudi Arabia to bring down prices.
The meeting of top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, is scheduled for today, days after Trump called on OPEC and Saudi Arabia to pump more oil.
Four OPEC+ sources said Monday’s meeting of the Joint Ministerial Monitoring Committee was unlikely to recommend that OPEC+ increase output more than already planned. Two others said it was too early to say. All sources declined to be identified by name.
The Saudi government communications office and OPEC did not respond to emailed requests for comment.
Kazakhstan, an OPEC+ member, said on Wednesday the group will discuss Trump’s efforts to raise US oil production and take a joint stance on the matter.
Earlier this week Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and several of his OPEC+ counterparts held talks. One source said these took place on the sidelines of the Arab Energy Fund’s 50th anniversary celebration in Riyadh, and were not a planned OPEC meeting.
Oil prices have risen this year, with Brent crude reaching almost $83 a barrel on Jan. 15 and settling at its highest since August, supported by concern about the supply impact of US sanctions on Russia announced in January.
Prices had fallen to below $77 on Friday, with analysts citing the potential negative economic impact of Trump’s threatened tariffs against Canada and Mexico from Saturday. — Reuters
