Oil prices are in freefall after OPEC+ announced a significant output increase, raising concerns over a global surplus amid weakening demand due to ongoing trade tensions. Brent crude dropped nearly 4.6% as OPEC aims to target overproducing members.
Explore how Fortune Media has transformed its business model in 2025, leveraging innovative strategies to stay ahead in the competitive media landscape. Find out what makes them a leader!
In a surprising move, OPEC+ has decided to accelerate oil production hikes, leading to a more than $2 drop in oil prices. With Brent crude now at $59.25 a barrel, concerns grow over a potential supply surplus as tensions rise in the Middle East.
OPEC+ is set to accelerate its oil output hikes and may unwind 2.2 million barrels per day of cuts by October if compliance doesn't improve among members. This move follows a surprising agreement in April designed to penalize non-compliant nations.
In a surprising move, eight OPEC+ countries have agreed to increase oil output by 411,000 barrels per day for June, following a similar rise in May. This decision, amid U.S.-China trade tensions and falling prices, has analysts speculating on future market impacts.
In a bold move, President Trump announces a 25% tariff on countries purchasing oil from Venezuela, effective April 2. This decision is linked to concerns over violent immigration from Venezuela, impacting global oil markets as prices surge.
Oil prices opened 1% higher as the U.S. vowed to continue military action against Yemen’s Houthis, disrupting global commerce. Analysts predict slower growth in oil demand amid economic concerns.
