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.

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

As President Donald Trump's latest tariffs weigh on growth outlooks, OPEC+ members unveiled plans for an output boost that outpaced expectations.

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Key OPEC+ nations reiterated the need for members to stick to oil output quotas after the group’s surprise decision to speed up an output revival battered crude prices.

Oil prices have fallen to a four-year low due to a surprise output increase by OPEC+ and escalating global trade war. Brent prices are down 13% in two days - heading below $65 a barrel. Prices for other commodities are also dropping.

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

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,

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.

OPEC+ has decided to accelerate the reversal of production cuts, adding 411,000 barrels per day to its combined supply in May, surprising the market and contributing to a further drop in oil prices amid tariff-fueled recession fears.

Crude oil plunged by the most in nearly three years as concerns about weaker demand due to tariffs were exacerbated by the surprise move from OPEC+ to speed the return of withheld production