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Investing.com -- The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is expected to stick to its current plans of gradually increasing oil output from April, according to Reuters.

The Joint Ministerial Monitoring Committee, a panel of top ministers from OPEC+, is set to meet on Monday. Four sources from the group have stated that it is unlikely the committee will recommend an increase in output beyond what is already planned. The sources chose to remain anonymous.

This meeting follows President Trump's decision to impose tariffs on Mexico, Canada, and China, which are among America's top trading partners. This move has unsettled financial markets and has provided some support to oil prices.

RBC Capital Markets analyst Helima Croft noted the group's intention to "stay the course," while also highlighting the need for a careful diplomatic approach to avoid potential backlash from the affected nations.

Concerns about the impact of U.S. sanctions on Russia drove oil prices to $83 a barrel on Jan. 15, the highest since August. Prices have since fallen below $77, although they rose on Monday due to concerns about potential supply disruption caused by the tariffs.

OPEC+, which includes Russia, has reduced output by 5.85 million barrels per day (bpd), or about 5.7% of global supply, in a series of steps since 2022. In December, the group extended its latest round of cuts through the first quarter of 2025, pushing back a plan to start increasing output to April. This delay was due to weak demand and rising supply outside the group.

According to the current plan, the easing of 2.2 million bpd of cuts, which is 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 calculations. These hikes will continue until September 2026.

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