OPEC+ members boost output as Trump tariffs bring down oil prices
The US president has been calling on Saudi Arabia and other top oil producers to boost production and bring down prices.
Eight members of the OPEC+ cartel announced larger-than-expected oil production hikes on Thursday, sending oil prices down as US President Donald Trump’s tariffs further affect the market.
Saudi Arabia, Iraq, UAE, Kuwait, Algeria, Oman, Russia and Kazakhstan said they will begin unwinding the production cuts of 2.2 million barrels per day they announced in December with an increase of 411,000 barrels per day. That increase will take effect in May, according to a press release.
The eight countries are some of the largest producers in the OPEC+ group, which includes members of the Organization of the Petroleum Exporting Countries and non-members, such as Russia. Saudi Arabia is the biggest oil producer in OPEC.
The price of Brent crude oil, considered the global benchmark for oil, was down more than 7% to around $69.60 a barrel as of 11:00 a.m. EST.
