Eight OPEC+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, a decision that prompted oil prices to extend earlier sharp losses.

President Trump’s sweeping tariffs combined with OPEC’s unexpectedly large production hike are combining to trigger a “double whammy” on the oil and gas sector, resulting in crude prices tumbling and fears rising of lower energy demand in an economic slowdown.

Fears that President Trump’s tariffs could slash global economic growth — and demand for oil — are weighing on the market.

The OPEC+ alliance unexpectedly announced a larger-than-anticipated supply boost for May, triggering a market-wide reaction.

Saudi Arabia's anger at Kazakhstan and other over producing nations was the key driver behind a shock decision by the OPEC+ oil group to open taps on Thursday and might not be reversed even if oil prices fall further,

Crude oil prices plummeted to near multi-year lows following President Trump’s reciprocal tariff announcement, with a larger-than-expected production increase by OPEC and its allies adding further pressure to the sell-off.

For most of this decade, the OPEC+ alliance has been the world’s most stalwart defender of high oil prices. In just a few moments last week, that role reversed dramatically. In a video conference

Key oil indicators are signaling looser balances ahead, after OPEC and its allies shocked the market with a dramatic early supply increase just as concerns over global demand become more acute.