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Oil slides as Opec+ lifts production and tariffs fuel global growth fears (www.ft.com)

submitted 5 days ago by misk@sopuli.xyz to c/news@beehaw.org

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Archive: https://archive.is/2025.04.03-142440/https://www.ft.com/content/58169216-3853-496d-9c54-3fc56ad2e7a6

Oil prices tumbled on Thursday as Opec+ unexpectedly announced plans to boost production just as sweeping US tariffs stoked fears of a global economic slowdown.

Eight Opec+ members, including Saudi Arabia and Russia, said they would triple a planned increase in oilproduction in May, accelerating a commitment to reverse production cuts over the next 18 months.

The move came hours after US President Donald Trump set out a new tariff regime that investors said was more severe than expected.

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