Oil Prices Hit Three-Year Low as OPEC+ Boosts Production and Trump’s Tariffs Weigh on Demand

A combination of increased OPEC+ oil output and U.S. trade policies has created concerns about oversupply and slowing global economic growth.

OPEC+ announced it will gradually increase oil production starting in April, adding 138,000 barrels per day monthly until September 2026, reversing years of production cuts.
The decision comes as some OPEC+ members, including Russia and Kazakhstan, have exceeded quotas, prompting frustration within the group and a push for compliance.
Oil prices have fallen sharply, with Brent crude dropping below $70 per barrel and West Texas Intermediate (WTI) crude trading near $65, marking a three-year low.
President Trump’s new tariffs on Canadian, Mexican, and Chinese goods have raised fears of slowing global economic growth and reduced oil demand, compounding market pressures.
Analysts warn that the combination of increased supply and trade-related economic uncertainty could further destabilize oil markets in the coming months.