It is noted that the meeting took place ahead of the scheduled summit of cartel participants, which will occur next week.
Officially, OPEC+ has yet to comment on Trump's request, but five representatives of the group anonymously told the agency that it is unlikely the current production plan will change during the meeting on February 3.
Saudi Arabian media reported that on January 27, Energy Minister Prince Abdulaziz bin Salman held talks in Riyadh with colleagues from Iraq and Libya. Among other topics, they discussed "enhancing joint efforts for the stability of energy markets," as well as cooperation to achieve common goals. Additionally, according to sources from Reuters, the Saudi minister also secretly met with the UAE's Energy Minister.
As the agency pointed out, OPEC+ countries are currently maintaining production at 5.86 million barrels per day after a series of cuts since 2022. They plan to begin increasing production from April.
On January 23, during a video address at the World Economic Forum in Davos, Switzerland, Trump stated that he intends to ask Saudi Arabia and OPEC to lower oil prices to quickly end the full-scale war waged by the aggressor country, Russia, against Ukraine.
Saudi Arabia's Minister of Economy Faisal Al-Ibrahim, commenting on Trump's remarks, emphasized that "the kingdom's position, as well as OPEC's, is aimed at long-term market stability to ensure adequate supply for growing demand," including from the United States and artificial intelligence.
OPEC+ includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, Reuters noted. A meeting of the Joint Ministerial Monitoring Committee (JMMC) is scheduled for February 3 – a group of leading ministers who can recommend changes in policy.
The agency noted that oil prices have risen this year – on January 15, Brent crude reached nearly $83 per barrel (the highest level since August of last year). This was driven by concerns over the impact of U.S. sanctions against Russia. However, prices later fell, and on January 28, Brent crude was trading below $78 per barrel.