Eight-member bloc to raise output by 411,000 bpd in May, exceeding expectations; Trump’s tariff shock compounds price slump
April 4, 2025 |– In an unexpected move, eight OPEC+ nations have agreed to increase oil output by 411,000 barrels per day (bpd) starting May, a faster phase-out of production cuts than previously anticipated. The market had expected a modest hike of just 135,000 bpd, making the announcement a surprise jolt to oil traders.
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The decision, revealed in an OPEC+ statement on Thursday, triggered a fresh wave of selling in global oil markets. Brent crude, already reeling from US President Donald Trump’s sweeping trade tariffs, plunged over 6%, falling below the psychological $70-per-barrel mark.
Analysts say the move may be a pressure tactic on OPEC+ laggards who have consistently under-delivered on output promises. It also follows repeated calls by Trump urging OPEC to help “lower oil prices for American consumers.”
“The accelerated increase in output will likely force non-compliant members to align, but it also risks further weakening prices in an already fragile global economy,” said an energy analyst based in London.
The OPEC+ decision comes amid a broader commodities selloff, rising geopolitical tensions, and fears of a looming global recession sparked by tariff escalations.
Tags: OPEC+, oil output hike, Brent crude price, Trump tariffs, oil price crash, global energy markets, barrels per day, US-OPEC relations, May oil production, oil market news