OPEC+ will review oil supply restrictions, while Trump tariffs upset the market

The main members of the Oil Export Organization are to be gathered today on Monday (3,2.225) online for a review meeting, at which they are expected to leave the current supply plans unchanged. President Donald Trump has urged OPEC to reduce its price. The Saudi and Russian-led team – which has withheld production for more than two years in an effort to support prices – intends to retain these restrictions for the rest of this quarter and then gradually restore production to monthly stages, beginning in April. Several OPEC+ representatives said they would not adapt the plan for the time being, as crude oil markets remain fragile amid the declining demand in China and the abundant supply across the American continent. CORVERSE The team has one more month to assess the planned April increase. The Joint Ministerial Monitoring Committee meets at 1 p.m. London time. Further complication is created by US trade tariffs in Canada and Mexico and the prospect of measures for China. Future fulfillment contracts for slow Brent climbed over $76 a barrel, as traders assessed movements. Trump has also warned of stricter sanctions on OPEC+ Iran, Russia and Venezuela members. “OPEC+ faces a new challenge with President Trump’s tariffs,” said Mukesh Sahdev, head of global commodity markets to the consultant firm Rystad Energy AS. The group “is likely to act carefully, balancing its efforts to stabilise prices, while also facing geopolitical tensions”.