Eight OPEC+ producers accelerate crude oil output hikes, pushing oil prices 6% lower

[BumRushDaShow]

Source: CNBC

Published Thu, Apr 3 2025 8:59 AM EDT Updated 20 Min Ago


Eight key OPEC+ producers on Thuesday agreed to raise combined crude oil output by 411,000 barrels per day, speeding up the pace of their scheduled hikes and pushing down oil prices. The Ice Brent contract with June delivery was trading at $70.50 per barrel at 1:32 p.m. London time (8:32 a.m. ET), down 5.94% from the Wednesday close. The front-month May Nymex WTI contract was at $67.11 per barrel, 6.41% lower.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually to review global market conditions and decided to raise collective output by 411,000 barrels per day, starting in May. The group was widely expected to implement an increase of just under 140,000 barrels per day next month.

The May hike agreed on Thursday is “equivalent to three monthly increments,” OPEC said in a statement, adding that “the gradual increases may be paused or reversed subject to evolving market conditions.”

The eight OPEC+ producers this month started gradually unwinding 2.2 million barrels per day of voluntary cuts undertaken independently from the production strategy of the broader 22-member OPEC+ alliance, which has roughly 3.66 million barrels per day of separate cuts in place until the end of 2026.

Read more: https://www.cnbc.com/2025/04/03/eight-opec-producers-accelerate-crude-oil-output-hikes-pushing-oil-prices-down-6percent-.html

[ImNotGod]

1. The fascists got together to help their buddy tRump out. nt

[Bobstandard]

6. There's truth to that

The most dramatic evidence of inflation for many is gas prices. As long as they stay down many folks will forgive tariff price increases, seeing those as fallout from Trumps ‘righteous battle’ against the nations that have been ‘very, very mean to us.”

[sinkingfeeling]

2. Then why is gas up 20 cents a gallon?

[BumRushDaShow]

4. Gasoline and crude aren't "directly" related

as the crude has to be refined into gasoline, so gas has its own market thing going (based on refinery status, how much they want to gouge, etc).

It's like the eggs - "wholesale" prices down, "retail" prices haven't changed much.

[AnnaLee]

3. Yes but

Domestic oil company stocks are headed down premarket. Big companies 3-5%, smaller 5-8% last I looked.

[Crowman2009]

5. I'm not going to shed a tear if the petroleum industry starts losing money.

Given all the environmental devastation I've witnessed first hand and having to be deployed to Iraq in order to make more money, this dirty cancer spreading industry needs to suffer greatly!

[nowforever]

7. This

is about pumping more to sell now at these prices, once the global economy collapses the price of oil will go down to $30 a barrel. Trump lit the fuse and now it's exploded, how does this not create a global slowdown and then create turmoil in a number of nations. These Trump policies are truly anti-people and anti-world. It's as if he wants to purposefully create conflict worldwide to satisfy his wounded ego. The lunatic has escaped his cage and has been given unlimited power. Disrupt and destroy policies.

[BumRushDaShow]

8. The U.S. has been pumping out a record amount for the past year

and has still been cranking out over 13 million (with an "m" ) bbls/day!


(green line is total, all fields)

https://peakoilbarrel.com/us-august-oil-production-another-record-high/

They are gonna glut the market - especially if 45 doesn't believe that we are already pumping out a record amount per day.

Because. Drill Baby Drill. Bizarro World.

I remember stumbling on this video that tracked the global crude production (using bar charts) from 1970 - 2024 and the changes are fascinating! We overtook Saudi in 2014 and haven't looked back since (much to the chagrin of environmentalists and climate scientists).

(we are also the largest LNG producer in the world - https://www.eia.gov/todayinenergy/detail.php?id=64844#)