OPEC+ likely to stick to gradual output hike plan: Report

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The OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting commenced, with expectations that the alliance will keep its production policy unchanged, Reuters reported, citing an unnamed source.

Sources told Reuters that OPEC+ is discussing modifications to its list of secondary sources used to monitor oil production among member states, including a proposal to remove the U.S. Energy Information Administration (EIA) from its sources.

OPEC+ is expected to stick to its current plan to gradually increase production starting in April despite the US President Donald Trump’s calls for the group to cut prices.

This decision follows the group's move in December to extend production cuts until the first quarter of 2025, thereby postponing the planned production increase to April.

The next OPEC+ ministerial meeting is scheduled for April 5.