OPEC, Oil and tariffs
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Eight OPEC+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, a decision that prompted oil prices to...
From Reuters
Imports of oil, gas and refined products were exempted from U.S. President Donald Trump’s sweeping new tariffs, the White House said on Wednesday.
From Reuters
Crude oil prices were down more than $5 and product futures were sharply lower by midday Thursday, hit by a decision by OPEC and its allies to increase supply in May and energy demand fears a day afte...
From MarketWatch
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Eight OPEC oil producing nations Thursday agreed to boost crude oil production by 411,000 barrels a day, lowering prices by 6%. The increase was much more than expected and starts in May.
2hon MSN
Crude oil plunged by the most in nearly three years as concerns about weaker demand due to tariffs were exacerbated by the surprise move from OPEC+ to speed the return of withheld production
Saudi Arabia and other members of the OPEC Plus group accelerated their program to put more oil on the market, adding to a sharp fall in prices.
Saudi Arabia, Russia, Iraq, UAE and others reviewed global market conditions and decided to raise collective output by 411,000 barrels per day, starting in May.
OPEC+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters.
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9hon MSN
Oil prices tumbled Thursday amid worries about an escalating trade war from Trump's tariffs, as OPEC and its allies sped up plans to increase output and unwind supply cuts.
OPEC+ has decided to accelerate the reversal of production cuts, adding 411,000 barrels per day to its combined supply in May, surprising the market and contributing to a further drop in oil prices amid tariff-fueled recession fears.
According to a Bloomberg study, Iraq has lowered its oil output ahead of the OPEC+ alliance's expected increases in supplies.
Brent crude fell to around $70 a barrel after plunging 6.4% on Thursday. West Texas Intermediate was below $67.