Commodities
OPEC+ Deepens Oil Price Slump by Accelerating Supply Hike
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OPEC+ agreed to make a larger than expected oil supply hike in May, deepening the slump in oil prices triggered by President Donald Trump’s tariffs.
The group led by Saudi Arabia and Russia will add 411,000 barrels a day to the market next month, the equivalent of three monthly tranches from its previous plan to revive output, according to a statement posted on the OPEC website. The decision followed a call between ministers on Thursday that was focused on member countries that had been consistently exceeding their quotas, delegates said.