OPEC ignores Trump's call to lower prices

Saudi Arabia and other OPEC+ member states have no intention of changing their oil production policy, despite US President Donald Trump's call to influence the decline in crude oil prices.

This is reported by the Reuters agency.

Ministers from the cartel held a meeting at which they reaffirmed their commitment to the current plan. Under this plan, an increase in oil production volumes is scheduled for April 2025. It is also reported that the agenda of the meeting, scheduled for 3 February, will remain unchanged.

Special consultations took place between representatives of Saudi Arabia, Iraq, the UAE, and Libya. Saudi Arabia's Minister of Economy, Faisal al-Ibrahim, during his speech at the World Economic Forum in Davos, emphasised that OPEC+ countries are focused on ensuring long-term stability in the global oil market.

This year, oil prices have increased. At present, OPEC+ continues to cut production, however, a rise in demand is expected from April, which will lead to a gradual increase in production volumes.