OPEC+ Sticks to Supply Plan as Trump Seeks Oil Price Cut
Coalition Has Been Withholding Barrels to Prevent a Surplus
Storage tanks for crude oil in Ras Tanura, Saudi Arabia. (Simon Dawson/Bloomberg)
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OPEC+ didn’t make any changes to its existing oil production plans at a review meeting Feb. 3, even as President Donald Trump called on the group to lower crude prices.
A panel of key members led by Saudi Arabia and Russia maintained plans to keep a lid on crude supplies for the rest of this quarter, and then gradually restore output in monthly stages from April, according to a statement. The coalition has been withholding barrels for more than two years to prevent a surplus, and has already delayed its production revival three times in a bid to shore up prices.
“Despite some doubts, market fundamentals remain strong, as indicators of economic growth recovery are showing in several regions,” the Energy Ministry of OPEC member Algeri…
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