OPEC+ has yet to respond to U.S. President Donald Trump’s call for lower oil prices, with delegates pointing to the group’s existing plan to raise oil output starting in April.
Trump reiterated his demand on Thursday, urging Saudi Arabia and OPEC to reduce crude prices, a stance he frequently voiced during his first term.
Saudi Economy Minister Faisal al-Ibrahim, speaking at the World Economic Forum in Davos on Friday, emphasized that Saudi Arabia and OPEC prioritize long-term market stability to meet growing demand. OPEC+ members, which include OPEC, Russia, and other allies, maintain that they do not target specific oil prices and have delayed output increases several times due to weak demand.
Some OPEC members, including the UAE and Iraq, have pushed for faster output increases, citing their investments in capacity expansion. The group currently holds back 5.86 million barrels per day (bpd) of output, or 5.7% of global demand, under agreements implemented since 2022 to stabilize the market.
Analysts warn that Trump’s potential return to the White House could lead to stricter U.S. enforcement of oil sanctions against Iran, which currently exports more than 1.5 million bpd. A drop in Iranian supply could make OPEC’s spare capacity crucial for offsetting declines.
Oil prices have fluctuated this year, with Brent crude peaking at nearly $83 a barrel on January 15, the highest since August, before easing to under $79 on Friday. Most OPEC members rely on oil revenues and require prices of $80 or more to balance their budgets.
OPEC+ will review its policy during its Joint Ministerial Monitoring Committee meeting on February 3, with a decision on the April output increase expected by early March.
