Published 12 days ago • loading... • Updated 8 days ago

Why OPEC+ is accelerating oil production as prices are tanking and tariffs hammer markets

Oil prices fell more than 11% over two days, dropping from $74 to about $66 per barrel, their lowest since 2021, following US President Donald Trump's announcement of global tariffs and OPEC+'s decision to significantly increase crude production.
OPEC+ announced it would triple the planned output increase for May, abandoning its strategy of restricting supply to support prices, despite concerns about a slowing global economy and lower demand for crude.
Saudi Arabia is facing challenges due to a loss of market share to Iran and Russia, and it needs oil prices at $90 per barrel to balance its budget, as noted by the International Monetary Fund.
Energy analysts warn that Saudi Arabia's shift to increase output might lead to a price war, similar to the one that occurred during the coronavirus pandemic.

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junge Welt

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Oil prices in the customs war: oil prices down sharply

"OPEC plus" aims to increase production in May by three times to 411,000 barrels per day.

8 days ago

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Seeking Alpha

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Saudi Arabia slashes oil prices for Asia after surprise OPEC+ output hike (CL1:COM:Commodity)

Saudi Arabia slashes oil prices for Asia after surprise OPEC+ output hike

10 days ago·United States

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Bloomberg

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Saudis Slash Oil Prices for Asia Days After Surprise Output Hike

Saudi Arabia slashed its flagship oil price by the most in more than two years, just days after the OPEC+ alliance announced an unexpectedly large output hike.

10 days ago·United States

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Middle East Eye

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Oil prices crumble as Saudi Arabia throws in the towel on restricting supply

Crude prices take a double whammy hit as Opec+ increases production and Trump's tariffs stoke recession fears

12 days ago·London, United Kingdom

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Washington Examiner

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Oil prices drop to lowest levels in three years - Washington Examiner

Analysts have indicated that the escalating conflict between the U.S. and foreign nations over tariffs is further propelling the market to a global trade war.

12 days ago·Washington, United States

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Protothema

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Oil prices collapse - Brent plunges 8%

The US-China trade war, as Beijing responded to Trump's tariffs, the prospect of a global economic recession and increased production by OPEC+ caused an earthquake in the black gold markets.

12 days ago

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