OPEC+ to advance oil output hike plan, oil drops

LONDON/MOSCOW: Eight OPEC+ countries agreed on Thursday to advance their plan for oil output hikes by increasing oil output by 411,000 barrels per day in May, prompting oil prices to extend earlier losses.

“This comprises the increment originally planned for May in addition to two monthly increments,” OPEC said in a statement.

OPEC sticks to 2025, 2026 global oil demand growth forecasts

Oil, which was already down over 4% on U.S. President Donald Trump’s announcement of tariffs on trading partners, extended declines after the OPEC statement, with Brent crude dropping over 5% towards $71 a barrel.