Oil Prices Drop as OPEC+ Boosts Output and U.S. Tariffs Take Effect

Global oil markets react to OPEC+ production increase and new U.S. tariffs on Canada, Mexico, and China, raising concerns over economic slowdown and fuel demand.

OPEC+ announced its first production increase since 2022, starting with 138,000 barrels per day in April, with plans for gradual monthly hikes.
U.S. tariffs of 25% on imports from Canada and Mexico, and increased duties on Chinese goods, have raised concerns about economic growth and energy demand.
Oil prices hit multi-month lows, with Brent crude dipping below $70 per barrel and U.S. West Texas Intermediate (WTI) trading near $67 per barrel.
Analysts predict U.S. retail gasoline prices could rise by $0.20 to $0.40 per gallon in regions heavily reliant on Canadian and Mexican imports, such as the Northeast.
The combination of increased oil supply and trade tensions has led to bearish sentiment in the market, with potential downside risks to global oil price forecasts.