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Trump's pressure was effective, OPEC+ unexpectedly decided to start increasing oil supply, leading to a sharp decline in oil prices.
OPEC+, led by Saudi Arabia and Russia, will increase daily production by 0.138 million barrels in April. This is the first step in a gradual increase plan spanning several months, aimed at gradually restoring Crude Oil Product output. OPEC+ issued a statement confirming the decision to start increasing oil supply, and OPEC+ may decide to suspend or reverse this decision based on market conditions.
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International oil prices are set to end the monthly rising trend, with increased tariffs and production putting pressure on the oil market, creating potential crises.
① Due to the threats of tariffs from the USA and the resumption of exports from Iraq, both major international Crude Oil Product benchmarks fell over 1%, potentially ending two consecutive monthly gains; ② The Iraqi Ministry of Oil declared it would resume exporting oil from the Kurdish region through the Iraq-Turkey pipeline, raising questions about whether it would comply with OPEC+ production obligations.
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