OPEC+ holding meeting to discuss oil market conditions

The OPEC+ Ministerial Monitoring Committee has begun its videoconference meeting, where representatives of the alliance will assess the state of the oil market.

This marks the first meeting of OPEC+ in 2025, a source from one of the delegations said, Caliber.Az reports via Russian media.

Earlier, OPEC+ ministers convened for a monitoring committee session and a general meeting on December 5, 2024. OPEC+ countries agreed to extend voluntary production cuts of 2.2 million barrels per day for the entire first quarter of 2025, in response to low winter demand. The gradual exit from these restrictions is scheduled to continue until September 2026. OPEC+ monitoring committee meetings are held every two months, while ministerial meetings occur every six months. The recent meetings took place on December 5, 2024. 

At that time, OPEC+ members agreed to extend voluntary production cuts of 2.2 million barrels per day throughout the first quarter of 2025, in response to low winter demand. The gradual easing of these restrictions will continue until September 2026. Initially, a gradual production increase was scheduled to begin in October 2024 but was later extended to December, and then pushed to the end of 2024. 

US President Donald Trump announced that the country plans to ramp up oil production. He also mentioned that the US would push Saudi Arabia and OPEC to lower oil prices, including as a means to exert pressure on Russia, which is part of OPEC+.

By Naila Huseynova