Eight OPEC oil-producing nations Thursday agreed to boost crude oil production beginning in May.
OPEC said in a statement that Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman “reaffirmed their commitment” to voluntary production adjustments as they announced plans to boost production to a more-than-expected 411,000 barrels a day.
“The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability,” OPEC said in a statement.
The move sent oil prices lower with Ice Brent which at $65.50 a barrel in London trading. Nymex WTI prices are at $62.80 per barrel as I publish
The OPEC countries were expected to ramp up production by just under 140,000 barrels a day. They said this move will increase the compensation of the nations producing more oil. The added production is equivalent to three monthly increments of increases, according to OPEC. It comes as the 8 nations are ending a voluntary reduction in their crude oil output of 2.2 million barrels a day. The larger 22-member OPEC organization has a cut of 3.66 million barrels a day still in force through the end of 2026.
NN: NO WAY IN HELL WILL OPEC BE INCREASING PRODUCTION
Oil prices slipped on Wednesday afternoon after initially climbing more than $1 as markets digested a sweeping new round of global tariffs announced by an aggrieved U.S. President Donald Trump from the Rose Garden. The announcement rattled equity markets and fueled uncertainty across commodities, despite initial gains. Both Brent and WTI crude futures lost ground on Wednesday afternoon, reversing gains made after Trump revealed that a minimum 10% tariff would be imposed on all countries exporting goods to the United States. Additionally, 60 countries with the largest trade imbalances — including China, the European Union, and Vietnam — now face even steeper levies. China, for example, will see its total tariff level soar to 54%, according to the White House.
Despite the broad reach of the new tariffs, the energy sector was largely spared. A White House official confirmed that imports of oil, gas, and refined products are exempt from the measures. Canada — a key U.S. trade partner — was formally exempted from Wednesday’s reciprocal tariff action.
However, the White House noted that non-compliant CUSMA (Canada–U.S.–Mexico Agreement) goods would still be subject to a 25% tariff, and non-compliant CUSMA energy and potash exports would face a 10% duty. While oil markets digested the news with a slight downward turn, broader equity markets saw a sharper reaction. S&P 500 futures dropped 3.5%, while Nasdaq 100 futures tumbled 4.2%, falling below their March 13 intraday lows to levels not seen since last September. Still, U.S. Treasury Secretary Scott Bessent, speaking on Bloomberg TV, attempted to calm jittery investors, calling the move “the certainty on tariffs markets have long craved.” Bessent urged investors to “embrace the clarity” brought by the administration’s trade position. For now, while energy markets appear buffered by the exemption, traders remain cautious amid fears that retaliatory measures and a potential global trade slowdown could ultimately weigh on crude demand.
United States President Donald Trump hailed on Wednesday this day as the day of “economic independence,” announcing reciprocal tariffs on countries “throughout” the world.
Trump said the reciprocal tariffs would help the US economy, while denouncing trade practices by other countries.
“We can’t pay the deficits of Canada, Mexico, and so many other countries, we used to do it, we can’t do it anymore … We have to take care of our people and we’re gonna take care of our people first and I’m sorry to say that,” Trump said.
nn: in principle trump is right. global tariffs allow foreigners unlimited access to us markets while restricting us companies access to foreign markets. the problem is in the execution of the badly needed change
Israeli Prime Minister Benjamin Netanyahu said on Wednesday that the military is currently “dissecting” the Gaza Strip in order to return hostages held by Hamas. “We are now dissecting the Strip and we are increasing the pressure step by step… so they will give us our hostages,” Netanyahu stated. “The longer they refuse to give them up, the more the pressure will increase until they do,” he added. The prime minister further said that the Israel Defense Forces (IDF) is “shifting gears” in Gaza and creating a “second Philadelphi” route, referring to the corridor on the border between Egypt and Gaza. Israel is “seizing territory, striking terrorists, and destroying infrastructure,” he stressed.
The United States is significantly increasing its military presence in the Middle East as the Trump administration ramps up pressure on Iran to reach a nuclear deal. US President Donald Trump threatened Iran with “bombing the likes of which they have never seen before,” giving the country a two-month deadline, according to reports. The US announced it is boosting the regional deterrence capabilities of its Central Command (CENTCOM), ordering the Harry S. Truman Carrier Strike Group to remain in place and assigning USS Carl Vinson to the area, fielding squadrons of Super Hornet strike fighters, F-35, and electronic warfare aircraft Growlers. USS Carl Vinson is currently in the Philippine Sea and is expected in Bahrain around April 10. In addition, the US has brought as many as six B-2 nuclear bombers to the Middle East and deployed a squadron of Thunderbolt subsonic attack aircraft. Meanwhile, Iran has continued producing 60% enriched uranium, with the International Atomic Energy Agency saying it now has enough stockpiles for six atomic bombs, if they are further enriched to 90%. Tehran possesses the largest number of ballistic missiles in the Middle East, according to US intelligence, including cruise and anti-ship missiles, with a range of up to 2,000 km (1,200 miles). Iran has built up a vast amount of long-range drones, some of which can allegedly carry 300 kg payloads. The regime also arms various militant groups in the region, including the Houthis. While both Tehran and Washington remain focused on deterrence for the moment, the volatile geopolitical situation and large military force on both sides cause serious concern.
The United States will deploy a second aircraft carrier to the Middle East and keep the one that is already positioned there in place, the Pentagon said on Tuesday. The Harry S. Truman carrier strike group, which is already stationed in the region, will be joined by the Carl Vinson carrier strike group, “to continue promoting regional stability, deter aggression, and protect the free flow of commerce in the region,” the Pentagon said in a statement. The Carl Vinson group will be on its way as soon as it completes a scheduled exercise in the Indo-Pacific. US President Donald Trump stressed on Monday that US air strikes against the Yemen-based Houthis will continue until they are no longer a threat to “Freedom of Navigation.” “To complement the CENTCOM maritime posture, the [Defense] Secretary [Pete Hegseth] also ordered the deployment of additional squadrons and other air assets that will further reinforce our defensive air-support capabilities,” the Pentagon statement reads.
Israel’s military has bombed the Lebanese capital, Beirut, for the second time in a week, killing at least three people and threatening the ceasefire it agreed with Hezbollah four months ago. The attack on Beirut’s Dahiyeh suburb, early on Tuesday morning, came without warning and wounded at least seven others, according to the Lebanese Ministry of Health. The Israeli military said in a statement that it had attacked a Hezbollah member who had been helping the Palestinian group Hamas in the Gaza Strip in attacks against Israeli civilians. It said the air raid was “under the direction of the Shin Bet”, Israel’s domestic intelligence agency.There was no immediate comment from Hezbollah. Lebanon’s President Joseph Aoun condemned the attack, calling it a “dangerous warning” of intentions against his country. “Israel’s persistence in its aggression requires more effort from us in addressing Lebanon’s friends around the world and rallying them in support of our right to full sovereignty over our land,” Aoun said in a statement released by the Lebanese presidency.
Videos of the aftermath of the attack showed plumes of smoke rising from Dahiyeh.
They also showed damage to the top three floors of an apartment building and piles of debris covering cars below the structure.
The latest attack came three days after Israeli forces bombed Beirut for the first time since the ceasefire deal with Hezbollah in November.
That agreement, guaranteed by France and the United States, brought a halt to a yearlong conflict and mandated that Israeli ground troops withdraw from southern Lebanon. It also called for Hezbollah fighters to withdraw from southern Lebanon and that Lebanese troops deploy to the area. Israel, however, delayed a promised troop withdrawal in January and has continued to occupy several hilltops in Lebanon. It has also carried out near-daily attacks on the country, claiming its targets are Hezbollah fighters and weapons. It launched the attack on Beirut on Friday, saying they were in response to rockets fired from Lebanon. Hezbollah has denied any involvement in the rocket firings. Its leader, Sheikh Naim Kassem, also warned on Saturday that if Israel’s attacks on Lebanon continued and if Lebanon’s government does not act to stop them, the group would eventually resort to other alternatives. Analysts blamed Israel’s continued attacks on Lebanon on a lack of action from the US.
Phyllis Bennis, a fellow with the Institute for Policy Studies, told Al Jazeera that the Trump administration has effectively greenlighted Israel’s attacks on Lebanon, as well as in Gaza and Syria.
“There’s no question that the Trump administration has made very clear that they will not criticise Israel. They will not stop sending the weapons that enable it to continue these attacks,” she said from Washington, DC. “What we’re seeing now is really an extension of the genocidal war that Israel has been waging in Gaza, to Lebanon, where they’re not only carrying out the attacks in the capital, but have expanded the former UN buffer zone,” she said.
Israel has now “unilaterally collapsed the ceasefire” in Lebanon, but Bennis said both France and the US – the guarantors of the deal – have stood back and let the Israeli assaults continue, without taking any punitive action.
NN: This is past of all hell breaking loose. Called the warm up
United States President Donald Trump has expressed his frustration with his Russian counterpart Vladimir Putin as he believes the latter is “slow-rolling comprehensive ceasefire talks,” Fox News reported on Tuesday, citing sources. According to the sources, due to such behavior, the Trump administration is mulling “aggressive” sanctions enforcement that would affect Russia’s “shadow fleet,” among other things. The sources explained that the sanctions enforcement is currently “low,” more specifically “level 3 out of 10.” The sources went on to say that some 70% of Russia’s illegal oil sales are done with the use of the “shadow fleet.”
United States President Donald Trump said on Monday that the “Iran-backed Houthi Terrorists” have been “decimated” over the past two weeks amid “relentless” attacks. “Many of their Fighters and Leaders are no longer with us. We hit them every day and night — Harder and harder,” Trump wrote in a post on Truth Social, insisting that the militant group’s capabilities are being destroyed “rapidly.” Washington’s strikes on Houthis will continue until they are no longer a threat to “Freedom of Navigation,” the US head of state underlined. As soon as they stop shooting the US ships, the country will stop its attacks, Trump explained. Should the militant group decide to continue with its strikes, however, “the real pain” will come, he warned.
President Trump has threatened Russia with new oil tariffs if it obstructs cease-fire initiatives in Ukraine and has also pressured Ukrainian President Zelenskyy to finalize a rare earth minerals deal with the United States.
Ukraine is considering the US draft agreement on rare earth minerals, but internal consensus is needed before making a final decision, as these minerals are crucial for defense and technology.
Amidst diplomatic efforts for a cease-fire, Ukraine has accused Russia of war crimes, citing attacks on civilian targets, including a military hospital, and calls for tougher sanctions and more air defense capabilities. US President Donald Trump threatened Russia with new tariffs on oil products if Moscow blocks his cease-fire initiatives, while he also said Ukrainian leader Volodymyr Zelenskyy faces “big, big problems” if he doesn’t sign a key minerals deal with Washington. “He’s trying to back out of the rare earth deal, and if he does that he’s got some problems, big, big problems,” Trump told reporters on March 30 in reference to the Ukrainian president. “We made a deal on rare earth. And now he’s saying, well you know, I want to renegotiate the deal.” “He wants to be a member of NATO, but he’s never going to be a member of NATO. He understands that,” Trump added. On March 28, the Ukrainian government said it was still considering a draft agreement from the United States on the country’s rare earth minerals amid media reports Washington had changed the terms of the deal several times. Ukrainian Economy Minister Yulia Svyrydenko announced at a government meeting that Kyiv was forming its position on the agreement, but lawmakers would only state their stance once there was consensus. Before then, she said, public discussion would be harmful. Ukraine possesses significant deposits of critical minerals, including rare earths, although their exact size remains uncertain. Rare earth minerals are highly valued for their use in defense technologies, as well as in devices such as computers, smartphones, and batteries. Ukraine and the United States earlier this month agreed to conclude a comprehensive agreement for developing Ukraine’s critical mineral resources. Efforts to seal the deal had earlier fallen apart on February 28 after a heated exchange between Trump and Zelenskyy at the White House. Meanwhile, earlier on March 30, Trump said he would impose secondary tariffs of 25-50 percent on all Russian oil if he feels President Vladimir Putin is blocking his efforts to end the war in Ukraine. During a phone interview with NBC news, Trump said he was “very angry” and “pissed off” when Putin called for a transitional government to be put in place in Ukraine, which could effectively push out Zelenskyy. “If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault — which it might not be — but if I think it was Russia’s fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia,” Trump said. “That would be that if you buy oil from Russia, you can’t do business in the United States,” Trump said. “There will be a 25 percent tariff on all oil, a 25- to 50-point tariff on all oil.” Trump added that the trade measures would be put in place within a month if no cease-fire agreement is reached. The highly sensitive diplomatic juncture comes after the White House announced on March 25 that both Russia and Ukraine agreed to a cease-fire and to allow navigation in Black Sea, as well an agreement to not strike each other energy facilities. Kyiv says that it would take effect immediately and Moscow has stated that it would follow the partial lifting of sanctions pertaining to Russian companies and banks involved in the international food trade.
Tougher Tone Toward Putin
The comments by Trump mark a shift from the softer approach the White House had taken toward Russia since the US president made ending the war in Ukraine a top foreign policy priority. They also come after he had previously criticized Zelenskyy, saying he was “sick” of his handling of the war and called him a “dictator without elections.” Trump told NBC that he will speak with Putin during this week.Meanwhile, in his nightly video address on March 30, Zelenskyy said “Russia’s response to the American proposition of unconditional cease-fire are drones, bombs, artillery shelling, ballistic missiles on a daily basis. Putin is demonstrating that he doesn’t give a damn about diplomacy.” “What is needed are tougher sanctions against Russia, more air-defense capabilities for Ukraine, and more unity among our partners,” Zelenskyy added. Amid the US-led diplomatic efforts to reach a cease-fire deal, Kyiv accused Moscow of a “war crime” on March 30 after Russian drones struck a military hospital. The overnight strike hit Kharkiv, Ukraine’s second-largest city, as part of an attack that also hit a shopping center, apartment blocks, and other targets, killing at least two people according to authorities. The Ukrainian military’s general staff accused Russia of “violating the norms of international humanitarian law” in the attack, which they denounced as “deliberate, targeted shelling.” They added on March 30 that casualties included soldiers undergoing treatment in the medical center. In total, Ukrainian authorities said that the overnight attacks killed at least two people and injured 26 others across the country. The Ukrainian president added that “for too long,” a US proposal for an unconditional cease-fire has been on the table “without a proper response from Russia. That says a lot.”
