OPEC+ plans to further speed up crude oil output hikes despite weak demand

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OPEC+ plans to further speed up crude oil output hikes despite weak demand - Business Standard

Quick Summary:

The move was designed by OPEC+ leader Saudi Arabia to punish some members for poor quota compliance, sources have said.

OPEC+ is still cutting output by almost 5 million bpd and many of the cuts are due to remain in place until the end of 2026.

President Donald Trump's tariffs raised concerns about a global slowdown."The market will take this news negatively, as long as crude exports do not suggest an improved compliance within OPEC+," UBS analyst Giovanni Staunovo said.