Saudi Energy Minister Prince Abdulaziz bin Salman Photo: Hamad I Mohammed/ Reuters
Saudi Energy Minister Prince Abdulaziz bin Salman held talks with representatives of OPEC+ countries in response to US President Donald Trump’s call to reduce oil prices. This is reported by Reuters.
Meetings on the eve of the OPEC+ summit
In Riyadh, the Saudi minister met with Iraqi Prime Minister Haider Abdul Ghani, Libyan Prime Minister Khalifa Abdulsadeq and UAE Energy Minister Suhail Al Mazrouei. The talks took place on the eve of the OPEC+ meeting scheduled for 3 February.
Production forecasts
Despite the discussions, OPEC+ delegates said that the next meeting is unlikely to lead to any changes in plans to increase production from April 2025.
Oil prices under pressure
Amid US sanctions against Russia, oil prices have shown significant fluctuations this year.
- On 15 January, Brent reached $83 per barrel, the highest since August.
- On 28 January, the price fell below $78 per barrel, indicating market volatility.
US President Donald Trump has previously called on OPEC+ countries to take steps to reduce oil prices, which is an important factor for the US economy and global markets.
