Eight OPEC+ producers accelerate crude oil output hikes, oil drops

OPEC+ announces larger-than-expected oil output increase

VIENNA, April 3 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, announced on Thursday that they will increase oil output by 411,000 barrels per day (bpd) in May, exceeding expectations. Read full story

Oil prices fall after OPEC production increase announcement

VIENNA, AUSTRIA – Oil prices are falling after an unexpected production increase announcement from OPEC. Eight OPEC+ countries agreed to increase production by 411,000 barrels per day starting next month. That pushed oil prices down six percent. An increase of 140,000 barrels per day had been widely expected by analysts. The announcement came as there is growing uncertainty about the global economy after President Donald Trump announced sweeping…

OPEC+ Stuns Oil Market With Policy Switch to Drive Down Prices

For most of this decade, the OPEC+ alliance has been the world’s most stalwart defender of high oil prices. In just a few moments this week, that role reversed dramatically.

Oil prices fell more than 7% on Thursday after OPEC+ agreed to accelerate the process of phasing out production cuts in May, adding to losses after US President Donald Trump announced a series of expanded trade tariffs on Wednesday. Brent crude futures fell $5.17, or 6.90%, to $69.78 a barrel, while US West Texas Intermediate (WTI) crude fell $5.42, or 7.56%, to $66.29 a barrel. Brent is on track for its biggest daily percentage drop since Augus…

Oil prices have fallen by six percent, and gold is rising, reflecting the expectation that the world economy can stall due to tariffs.

OPEC surprised on Thursday by announcing that Saudi Arabia, Russia and six other member countries had agreed to accelerate planned output increases