A key panel of members, led by Saudi Arabia and Russia, confirmed plans to maintain supply constraints for the remainder of the quarter, followed by a gradual increase in output from April onwards. The coalition has been limiting production for over two years to prevent an oversupply and has already postponed production hikes three times in an effort to stabilize prices.

“Despite some uncertainties, market fundamentals remain strong, with indicators of economic recovery emerging in several regions,” Algeria’s Energy Ministry stated. “We anticipate a stronger recovery in oil demand beginning in April, following the seasonal slowdown in the first three months of the year.”

Russia’s Deputy Prime Minister Alexander Novak acknowledged that Trump’s request for increased oil production was discussed “one way or another” during the meeting. “This issue is certainly part of our market analysis and assessment of the current agreement,” he told state-run Rossiya 24 TV.

During the Joint Ministerial Monitoring Committee (JMMC) meeting, ministers reaffirmed their commitment to stabilizing the oil market. The discussion centered on member countries’ compliance with existing output cuts and strategies for compensating past overproduction, according to delegates.

Additionally, OPEC+ revised the sources it uses to track production levels, removing two of the existing seven external monitors—Rystad Energy AS and the U.S. Energy Information Administration—and replacing them with consultants Kpler, OilX, and ESAI.

This meeting underscores that OPEC+ is not rushing to accommodate Trump’s calls for lower oil prices. The group remains cautious about increasing production amid concerns over weakening demand in China and rising alternative supplies from the Americas.

Meanwhile, Trump’s economic policies are already influencing global oil markets. Over the weekend, he announced new trade tariffs on Canada and Mexico, contributing to a brief rise in Brent crude futures above $77 per barrel on Monday.