OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government's Energy Information Administration from the sources used to monitor its production and adherence to supply pacts.
OPEC+ and Donald Trump clashed repeatedly during his first administration in 2016-2020 when the U.S. President demanded it raise production to compensate for the drop in Iranian supply that resulted from U.S. sanctions.
Since returning to office in January, Trump has already called on the Organization of the Petroleum Exporting Countries to bring down prices, saying elevated prices have helped Russia continue the war in Ukraine.
Russia's Deputy Prime Minister Alexander Novak said the group of ministers from OPEC and allies led by Russia (OPEC+) discussed Trump's call to raise production, and agreed OPEC+ will start boosting output from April 1 in line with previous plans.
An online meeting of the OPEC+ group called the Joint Ministerial Monitoring Committee also changed the list of consultants and other firms OPEC+ uses to monitor its production, known as secondary sources.
"After thorough analysis from the OPEC Secretariat, the Committee replaced Rystad Energy and the Energy Information Administration (EIA) with Kpler, OilX, and ESAI, as part of the secondary sources used to assess the crude oil production and conformity," OPEC+ said in a statement.
One OPEC+ source said the removal of EIA data was because the agency was not communicating on the information required and that the decision was not driven by politics. The U.S. government did not immediately respond to a request for comment.
"Rystad Energy values our long-standing commercial relationship with OPEC and understands that for this specific aspect of our engagement, it is common to engage different market intelligence providers," a spokesperson said.
OPEC+ uses secondary sources to help monitor its output as a legacy of historic OPEC disputes about how much oil members were pumping and occasionally alters the list.
In March 2022, OPEC+ dropped the International Energy Agency as a secondary source, a decision OPEC+ sources at the time said was driven by Saudi Arabia, reflecting concern about U.S. influence on the watchdog's figures.
Monday's meeting coincided with a rise in oil prices after Trump imposed tariffs on Mexico, Canada and China, America's top trading partners, raising concern about supply disruption.
Prices, however, have yet to return to the level of $83 a barrel hit on Jan. 15 because of concern about the impact of U.S. sanctions on Russia.
OPEC+ is cutting output by 5.85 million barrels per day (bpd), equal to about 5.7% of global supply, agreed in a series of steps since 2022.
In December, OPEC+ extended its latest layer of cuts through the first quarter of 2025, pushing back a plan to begin raising output to April. The extension was the latest of several delays due to weak demand and rising supply outside the group.
Based on that plan, the unwinding of 2.2 million bpd of cuts - the most recent layer - and the start of an increase for the United Arab Emirates, begins in April with a monthly rise of 138,000 bpd, according to Reuters calculations.
The hikes will last until September 2026. Based on OPEC+'s previous practice, a final decision to go ahead with the April hike is expected around early March.
The Russian government has approved the country’s energy strategy through 2050. Oil production is expected to rise to 540 million tons, while gas production is projected to reach 1.107 trillion cubic meters by that year.
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
Kazakhstan’s oil production broke a daily record of 278,400 metric tons right after Chevron-led company expanded its operations at the Tengiz oil field.
Kazakhstan’s oil production is on an upward trajectory, with output expected to reach 2.08 million barrels per day (mb/d) by 2025, according to the International Energy Agency (IEA). The latest revision raises the forecast by 0.06 mb/d, signaling sustained growth in the nation’s energy sector.
Landslides and flash floods caused by days of heavy monsoon rain have killed at least 22 people in India’s northeast, officials said.
Cambodian Prime Minister Hun Manet said Saturday that the border conflict with Thailand “must be resolved with patience and through legal and diplomatic channels.”
Iran’s Foreign Minister Abbas Araqchi spoke by phone with IAEA Director Rafael Mariano Grossi, warning that any political actions against Iran at next week’s Board of Governors meeting would have consequences.
Türkiye expressed deep sorrow Saturday over the devastating floods in Nigeria’s Niger State, which have claimed over 150 lives.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
An international academic conference titled "Islamophobia: Exposing Prejudice and Destroying Stigma" has officially opened in the capital of Azerbaijan, bringing together global scholars, experts, and policymakers to address the rise and consequences of anti-Muslim discrimination.
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
U.S. stocks wrapped up the week with a mixed finish after President Donald Trump accused China of breaking a recent trade agreement, reigniting global market jitters just weeks after a deal was struck in Geneva.
Volkswagen is negotiating directly with the U.S. government to ease tariffs in exchange for deeper investment commitments.
Wall Street futures slipped as a surprise court ruling brought back most of Trump-era tariffs, shaking investor confidence heading into month-end.
Model Hailey Bieber is selling her skincare brand Rhode to e.l.f. Beauty in a deal worth up to $1 billion (£790 million), with plans for international expansion and continued viral success.
Landslides and flash floods caused by days of heavy monsoon rain have killed at least 22 people in India’s northeast, officials said.
Cambodian Prime Minister Hun Manet said Saturday that the border conflict with Thailand “must be resolved with patience and through legal and diplomatic channels.”
Iran’s Foreign Minister Abbas Araqchi spoke by phone with IAEA Director Rafael Mariano Grossi, warning that any political actions against Iran at next week’s Board of Governors meeting would have consequences.
Türkiye expressed deep sorrow Saturday over the devastating floods in Nigeria’s Niger State, which have claimed over 150 lives.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
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