OPEC Plus says it will go ahead with its plan to increase crude-oil supply.
The decision by the oil-producing group of countries follows pressure from US President Trump on OPEC to bring down prices.
Eight members said Monday they will gradually raise production from next month.
The countries, including Saudi Arabia and Russia, have been making voluntary output cuts of 2.2 million barrels per day. Increases have been repeatedly postponed, and the delays are viewed as attempts to prop up prices.
But Trump demanded producers lower oil prices when he took part online in the Davos World Economic Forum in January.
OPEC Plus did not refer to the request in its latest announcement. Instead, it cited a positive market outlook.
The group also said the increase may be paused or reversed depending on market conditions.
The decision by the oil-producing group of countries follows pressure from US President Trump on OPEC to bring down prices.
Eight members said Monday they will gradually raise production from next month.
The countries, including Saudi Arabia and Russia, have been making voluntary output cuts of 2.2 million barrels per day. Increases have been repeatedly postponed, and the delays are viewed as attempts to prop up prices.
But Trump demanded producers lower oil prices when he took part online in the Davos World Economic Forum in January.
OPEC Plus did not refer to the request in its latest announcement. Instead, it cited a positive market outlook.
The group also said the increase may be paused or reversed depending on market conditions.
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Summary
OPEC Plus plans to gradually increase crude oil supply, following pressure from US President Trump to lower prices. Eight members, including Saudi Arabia and Russia, will raise production starting next month, having previously made voluntary output cuts of 2.2 million barrels per day. Delays in
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ID: ca0a5d70-c340-451a-b185-bf58067ad3aa
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20250304_B06/
Created: 2025/03/05 07:00
Updated: 2025/12/08 05:48
Last Read: 2025/03/05 07:26