US EditionEight OPEC+ producers accelerate crude oil output hikes, oil drops
- OPEC+ announced an increase in oil output by 411,000 barrels per day in May, exceeding prior expectations, according to OPEC's statement on their website.
- The decision comes amidst concerns about global economic stability following U.S. Tariffs on imports, which added uncertainty to the market.
- Oil prices fell significantly after the announcement, with West Texas Intermediate dropping to $66.95 on April 3, demonstrating the influence of OPEC+'s decisions and tariffs on market dynamics.
- Analysts now expect increased price volatility due to the combined effects of rising oil production and a weakened economic outlook, as well as U.S. Tariffs impacting the global economy.
164 Articles
164 Articles
‘Hard to stomach’: Oil prices slump below Alberta’s budgeted barrel price amid economic uncertainty of Trump tariffs
As oil hits a low not seen in years, and stock markets sink in response to U.S. President Donald Trump's tariffs, experts and industry are bracing for what it might mean for Alberta and Albertans.
Brent Below $65: Who Stands Firm in the Oil Market?
(Analysis) The global oil market faces a stern challenge. Brent crude, the world’s pricing standard, has fallen 8% to $64.50 per barrel as of April 4, 2025, its lowest in four years, while America’s West Texas Intermediate (WTI) stands at $61.50. This decline, steeper since Brent’s $71.04 and WTI’s $68.26 on March 4, stems from […]
The Hamilton Spectator
Steep drop in global crude prices drag down Canadian energy stocks
CALGARY - Fears of a tariff-driven recession has led to a steep drop in the price of crude oil, walloping Canadian energy stocks and stoking worry about the sector's outlook should the weakness persist.
Oil prices continue to decline due to Trump's tariffs and fears of a global trade war.
Shafaq News/ Oil prices continued to suffer losses in early Asian trading on Friday, heading towards their worst weekly performance in several months, against the backdrop of new tariffs imposed by US President Donald Trump, which raised fears of a global trade war that could affect oil demand. Brent crude futures fell 31 cents, or 0.4 percent, to $69.83 a barrel by 0157 GMT, while US West Texas Intermediate (WTI) crude futures fell 32 cents, or…
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