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OPEC+ rolls over oil policy, ditches US government data

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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+ is expected to maintain its current oil production increase plan, as indicated by sources cited in a Reuters article from February 3, 2025. Despite pressures from some member countries to adjust the output due to fluctuating market conditions, the organization is likely to adhere to the previously agreed schedule of gradually increasing production. This decision comes amidst concerns about global economic recovery, potential oversupply, and the ongoing geopolitical tensions affecting oil prices. The strategy aims to stabilize oil markets by balancing supply with demand forecasts, although some members argue for a more flexible approach to better respond to real-time market dynamics.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/energy/opec-likely-stick-oil-output-hike-plan-sources-say-2025-02-03/ ]