Source: Financial Times [UK]
“Oil prices tumbled on Thursday as Opec+ unexpectedly announced plans to boost production just as sweeping US tariffs stoked fears of a global economic slowdown. Eight Opec+ members, including Saudi Arabia and Russia, said they would triple a planned increase in oil production in May, accelerating a commitment to reverse production cuts over the next 18 months. The move came hours after US President Donald Trump set out a new tariff regime that investors said was more severe than expected. The twin developments pushed Brent crude, the global benchmark, down 7 per to $73.24 cent in afternoon trading. WTI, the US benchmark, fell 7 per cent to $66.63.” (04/03/25)