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OPEC+ rolls over oil policy, ditches US government data
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OPEC+ rolls over oil policy, ditches US government data
Feb 3, 2025 6:58 AM

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OPEC+ scheduled to unwind output cuts gradually from April

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Oil rises towards $77 as tariffs spark supply fears

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OPEC+ replaces Rystad, US EIA in list of secondary sources

(Recasts with meeting outcome, releads)

By Maha El Dahan, Ahmad Ghaddar and Olesya Astakhova

LONDON, Feb 3 (Reuters) - 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+ and Donald Trump clashed repeatedly during his first

administration in 2016-2020 when the U.S. President demanded it

raise production to compensate for the drop in Iranian supply,

which resulted from U.S. sanctions.

Trump has already called on OPEC to release more oil to

bring down prices since returning to the White House, saying

elevated prices have helped Russia continue the war in Ukraine.

At an online meeting on Monday, a group of top OPEC+

ministers made no change to the output hike plan and changed the

list of consultants and other firms it uses to monitor its

production, known as secondary sources.

"After thorough analysis from the OPEC Secretariat, the

Committee replaced Rystad Energy and the Energy Information

Administration (EIA) with Kpler, OilX, and ESAI, as part of the

secondary sources used to assess the crude oil production and

conformity," they said in a statement.

One OPEC+ source said that the removal of EIA data was

because the agency was not providing communication on the

information required and was not driven by politics. The U.S.

government did not immediately respond to a request for comment.

The meeting comes after Trump imposed tariffs on Mexico,

Canada and China, America's top trading partners, in a move that

roiled financial markets and gave oil prices some support.

Concern about the impact of U.S. sanctions on Russia pushed

oil prices to $83 a barrel on Jan. 15, the highest since August.

Prices have since slipped below $77, although they were up on

Monday as the tariffs raised concerns over supply disruption.

The Organization of the Petroleum Exporting Countries and

allies led by Russia, or OPEC+, is cutting output by 5.85

million barrels per day (bpd), equal to about 5.7% of global

supply, agreed in a series of steps since 2022.

In December, OPEC+ extended its latest layer of cuts through

the first quarter of 2025, pushing back a plan to begin raising

output to April. The extension was the latest of several delays

due to weak demand and rising supply outside the group.

Based on that plan, the unwinding of 2.2 million bpd of cuts

- the most recent layer - and the start of an increase for the

United Arab Emirates, begins in April with a monthly rise of

138,000 bpd, according to Reuters calculations.

The hikes will last until September 2026.

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