OPEC+ to maintain current production policy: Report

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The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to maintain its current plans to gradually increase production in April during its Feb. 3 meeting, according to a report.

The Joint Ministerial Monitoring Committee is unlikely to recommend any production increase beyond the previously planned levels, Reuters reported, citing OPEC+ delegates on Jan. 31.

A final decision on proceeding with supply hikes from April is expected at the OPEC+ meeting in early March, with gradual increases continuing until September 2026.

This follows a statement from Kazakhstan, an OPEC+ member, indicating that next week’s meeting will include discussions on President Donald Trump’s efforts to boost US oil production.