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Crude oil prices extended losses on Friday as markets worry about a possible drop in demand resulting from trade tariffs imposed by the United States. Meanwhile, OPEC+ announced yesterday that it will increase output by 411,000 barrels per day in May, more than expected.
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 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.
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.
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.
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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.
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.
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.
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.