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Russia’s Novak says OPEC+ discussed Trump call to raise oil output

Tuesday, 04 February 2025 | 14:00

Russia’s Deputy Prime Minister Alexander Novak said on Monday the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group of leading oil producers discussed U.S. President Donald Trump’s call to raise oil production.

Novak, in comments to Russia’s Rossiya-24 TV station, said the committee agreed that OPEC+ will start gradually increasing oil production from April 1, in line with its previous plans.

The JMMC also removed the U.S. government’s Energy Information Administration from the sources used to monitor its production and adherence to supply pacts.

Trump has publicly called on the Organization of the Petroleum Exporting Countries and its leading member, Saudi Arabia, to lower oil prices, saying doing so would end the conflict in Ukraine.

“This topic was partially touched upon, one way or another,” Novak replied to a question on whether Trump’s comments were discussed at the JMMC meeting.

“The issue is certainly on the agenda in terms of market analysis and how the deal works today, the efficiency of the deal,” Novak said.

He added that the OPEC+ ministers stressed the commitment to the efforts that OPEC+ countries are currently making to balance the market and coordinate their actions.

OPEC+ members are currently holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market.
Source: Reuters

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