OPEC announces a plan to increase production.
When President Donald Trump addressed Davos in January, he called for the Organization of the Petroleum Exporting Countries (OPEC) to bring down the price of oil. The OPEC member countries, headed by Saudi Arabia and Russia, announced they are planning to increase oil production beginning in April.
The eight member nations intend to increase monthly production incrementally, adjusting production to keep prices stable and based on economic conditions. The organization reported the goal to expand production by 2.2 million barrels per day by late 2026.
U.S. Energy Secretary Chris Wright responded to OPEC’s announcement, saying that President Trump wants to lower costs by “unleashing affordable, abundant, and reliable American energy.”
He added that the U.S. “welcomes energy producers around the world aligning themselves with this administration’s efforts to lower costs with increased energy production.”
OPEC had cut oil production in the years after the coronavirus pandemic.
As the Lord Leads, Pray with Us…
- For President Trump as he seeks to increase oil and gas production in the U.S.
- For U.S. officials as they engage foreign ministers and diplomats in energy discussions.
Sources: Daily Caller, Axios, Bloomberg
