Eight OPEC oil producing nations Thursday agreed to boost crude oil production by 411,000 barrels a day, lowering prices by 6%. The increase was much more than expected and starts in May.

Crude oil plunged by the most in nearly three years as concerns about weaker demand due to tariffs were exacerbated by the surprise move from OPEC+ to speed the return of withheld production

Oil prices have fallen to a four-year low due to a surprise output increase by OPEC+ and escalating global trade war. Brent prices are down 13% in two days - heading below $65 a barrel. Prices for other commodities are also dropping.

Key OPEC+ nations reiterated the need for members to stick to oil output quotas after the group’s surprise decision to speed up an output revival battered crude prices.

Fears that President Trump’s tariffs could slash global economic growth — and demand for oil — are weighing on the market.

Saudi Arabia and other members of the OPEC Plus group accelerated their program to put more oil on the market, adding to a sharp fall in prices.

Saudi Arabia's anger at Kazakhstan and other over producing nations was the key driver behind a shock decision by the OPEC+ oil group to open taps on Thursday and might not be reversed even if oil prices fall further,

Key oil indicators are signaling looser balances ahead, after OPEC and its allies shocked the market with a dramatic early supply increase just as concerns over global demand become more acute.

Energy prices got slammed by fears of a global economic slowdown stemming from President Trump's tariff plan, and OPEC and its market allies piled pressure onto the U.S. energy industry by open up the spigots.