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OIL: OPEC+ Can Appease Trump While Defying Him: Bloomberg

OIL
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At the first meeting of OPEC+ since Donald Trump called on members to bring down oil prices, the cartel defied the US President, Bloomberg said.

  • During an online review Feb. 3, the Saudi-led alliance chose to maintain its current trajectory on crude production despite Trump’s urgings.
  • As a result, it appears OPEC is committed to supply curbs for the rest of Q1 and revive production at a gradual rate thereafter.
  • The move seems guaranteed to provoke anger from Trump, but it is unlikely to matter.
  • Even if OPEC+ keeps output flat, the IEA sees a surplus of 750k b/d this year.
  • Should KSA steer OPEC+ to prolong suppl curbs officially, enforcement is another matter, with some members likely tempted to overshoot their quotas.
  • Sooner or later, the UAE may grow impatient to implement the sperate output hike it secured in recognition of its growing capacity.
  • This could appease Trump without really trying, Bloomberg said.
Screenshot 2025-02-04 125611
Source: Bloomberg
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At the first meeting of OPEC+ since Donald Trump called on members to bring down oil prices, the cartel defied the US President, Bloomberg said.

  • During an online review Feb. 3, the Saudi-led alliance chose to maintain its current trajectory on crude production despite Trump’s urgings.
  • As a result, it appears OPEC is committed to supply curbs for the rest of Q1 and revive production at a gradual rate thereafter.
  • The move seems guaranteed to provoke anger from Trump, but it is unlikely to matter.
  • Even if OPEC+ keeps output flat, the IEA sees a surplus of 750k b/d this year.
  • Should KSA steer OPEC+ to prolong suppl curbs officially, enforcement is another matter, with some members likely tempted to overshoot their quotas.
  • Sooner or later, the UAE may grow impatient to implement the sperate output hike it secured in recognition of its growing capacity.
  • This could appease Trump without really trying, Bloomberg said.
Screenshot 2025-02-04 125611
Source: Bloomberg