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OPEC+ Boosts Oil Production Following Pressure from Trump

Saudi Arabia and Russia agree to increase output, while global oil markets react to economic uncertainty and geopolitical tensions.

A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer//File Photo
A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin near Iraan, Texas, U.S., March 17, 2023. Picture taken through glass. REUTERS/Bing Guan/File photo
A pumpjack operates at the Vermilion Energy site in Trigueres, France, June 14, 2024. REUTERS/Benoit Tessier/File Photo
In this March 22, 2012 file photo, a pumpjack is silhouetted against the setting sun in Oklahoma City. THE CANADIAN PRESS/AP-Sue Ogrocki

Overview

  • OPEC+ announced a gradual increase in oil production starting in April, with plans to reach an additional 2.2 million barrels per day by 2026.
  • Brent crude prices dropped by up to 2.8% on Monday but later showed mixed movements as markets reacted to China's manufacturing data and geopolitical developments.
  • Donald Trump urged OPEC+ to lower oil prices, linking high prices to prolonging the Russia-Ukraine war and promising to expand U.S. oil production.
  • Ukrainian President Zelenskiy sought to repair strained relations with Trump after a contentious meeting, as European leaders pledged increased support for Ukraine.
  • Analysts predict stable oil prices for 2025, with potential impacts from U.S. tariffs and sanctions balanced by ample supply and hopes for a Russia-Ukraine peace deal.