The Daily Tribune
Fuel prices slide after OPEC+ output hike
Oil prices experienced a significant drop following OPEC+ nations' decision to implement a substantial production increase, despite existing concerns about oversupply and potential demand reduction due to the US-China trade war.
Saudi Arabia, Russia, and six other OPEC+ members agreed to boost output by 411,000 barrels per day for June, marking a reversal from production cuts maintained since 2022.
The price decline is also attributed to apprehensions regarding a global economic slowdown exacerbated by President Trump's trade policies and tariffs.
Brent crude, the international benchmark, saw its price fall to just under $60 per barrel.
Analysts suggest possible motivations for the OPEC+ decision include pressure from President Trump to lower oil prices and anticipation of reduced Iranian oil exports due to intensified sanctions, though the exact reasons remain unclear.
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