“OPEC countries are advised how to respond to Trump’s demands to reduce oil prices – Reuters January 28, 19:36 Share: Trump would require to reduce oil prices that should contribute to Russia’s war against Ukraine (photo: Reuters/Nick Oxford/File Photo) Following the call of US President Donald Trump to reduce oil prices, OPEC energy ministers have negotiated on the eve of the planned summit of the cartel participants, which will take place next week.”, – WRITE ON: ua.news
Trump stated that he would demand to reduce oil prices that should contribute to Russia’s war against Ukraine (photo: Reuters/Nick Oxford/File Photo)
Following the call of US President Donald Trump to reduce oil prices, OPEC energy ministers have negotiated on the eve of the planned summit of the cartel participants, which will take place next week. This was reported by Reuters, referring to official statements and own sources.
Saudi media reported that on January 27, Saudi Arabian Energy Minister Prince Abdalaziz Bin Salman was negotiating in Riyadh with colleagues from Iraq and Libya. They discussed issues “Strengthening joint efforts to stability of energy markets ”and cooperation to achieve common goals. According to Reuters, the Saudi Minister also secretly met with the Minister of Energy of the United Arab Emirates.
On February 3, a meeting of the joint Ministry of Monitoring Committee – Group of Higher Ministers of the OPEC+countries will be held, which may recommend changes to the oil production policy. OPEC+ has not yet commented on the call of President Trump, but five representatives of the group have anonymously informed Reuters that the current production plan was unlikely to be changed at the meeting.
OPEC+ countries currently support production at 5.86 million barrels a day after several contractions since 2022. According to current plans, they plan to start increasing production since April.
At the World Economic Forum in Davos, Saudi Arabia Minister Faisal Al-Iibrahim, commenting on Trump’s calls, noted that Saudi Arabia and OPEC seek to ensure long-term stability in the oil market.
Organization of oil exporting countries (OPEC) was created in 1960 by oil countries to control global oil prices. OPEC includes Algeria, Angola, Ecuador, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela, Ecuador.
Earlier, US President Donald Trump said he would demand from Saudi Arabia to reduce oil prices, which should contribute to Russia’s war against Ukraine.