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Oil Prices Hit Three-Year Low as OPEC+ Boosts Production and Trump’s Tariffs Weigh on Demand

A combination of increased OPEC+ oil output and U.S. trade policies has created concerns about oversupply and slowing global economic growth.

Overview

  • OPEC+ announced it will gradually increase oil production starting in April, adding 138,000 barrels per day monthly until September 2026, reversing years of production cuts.
  • The decision comes as some OPEC+ members, including Russia and Kazakhstan, have exceeded quotas, prompting frustration within the group and a push for compliance.
  • Oil prices have fallen sharply, with Brent crude dropping below $70 per barrel and West Texas Intermediate (WTI) crude trading near $65, marking a three-year low.
  • President Trump’s new tariffs on Canadian, Mexican, and Chinese goods have raised fears of slowing global economic growth and reduced oil demand, compounding market pressures.
  • Analysts warn that the combination of increased supply and trade-related economic uncertainty could further destabilize oil markets in the coming months.