Russia’s Deputy Prime Minister, Alexander Novak, stated on Monday that OPEC+ has not discussed delaying the planned increase in oil supply, which is set to begin in April.
Earlier, reports surfaced suggesting that the OPEC+ group—comprising OPEC and a dozen non-OPEC oil producers led by Russia—was considering postponing the gradual rise in oil supply. The group was reportedly weighing a delay in the start of easing production cuts, despite calls from U.S. President Donald Trump for OPEC to lower oil prices, according to Bloomberg.
The OPEC+ members are reportedly divided on how to proceed with the planned easing. One delegate mentioned that the oil market is too fragile to increase production at this time.
However, Novak firmly stated that no discussions had taken place on delaying the increase. “We recently held a meeting of the Joint Ministerial Monitoring Committee (JMMC) where no decision was made on this matter,” Novak was quoted as saying by Russian media.
He emphasized that the plan for April remains unchanged, and no further discussions have taken place.
Earlier this month, the JMMC, which reviews oil market trends and suggests actions to OPEC+ ministers, confirmed that OPEC+ would not alter its plan to gradually reduce the cuts starting in April.
The JMMC does not make decisions on production levels; those are determined at OPEC+ ministerial meetings. In December, the group agreed to delay the start of easing cuts from January 2025 to April 2025, and extended the timeline for unwinding cuts until September 2026.
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