Oil prices drop in the midst of Trump fees and increase the production of "OPEC+"

Oil prices expelled their decline, after President Donald Trump’s customs duties and OPEC+resolution increased production faster than previously announced, in its worst fall since 2022. The price of ‘West Texas’ roughly dropped to below $ 67 a barrel after losing 6.6% on Thursday, while Brent rubed. The “OPEC+” coalition has decided to increase oil production by more than the previous estimates from May, with the advantage of improving market indicators and raising the global demand for RU, according to an official statement published on its website after a virtual meeting held today. The coalition said it would implement production with about 411 thousand barrels a day, which is equivalent to three months of planned increases, to exceed the size of the previous increase for the month of May alone, amid flexibility that enables the modification or suspension of this rate according to the market developments. The sudden decision has deepened low oil prices, which have already begun after US President Donald Trump announced on Wednesday to impose historical customs duties. Fear of the effects of fees on growth, while low oil prices can reduce inflationary pressure on central banks, but it also emphasizes a greater concern over the prospects of growth, which has encouraged businesses throughout the sector to reduce their expectations over the past few weeks. In the latest warnings on the effects of these fees on growth, the director -general of the International Monetary Fund Crystalina Gorgieva believed that mutual US fees were a great danger to the global economy, especially in light of the slowdown of growth. In a statement, she asked to avoid steps that could harm economic recovery, to appeal to the United States and its trading partners to work together to resolve tension and reduce uncertainty. “A perfect mix of pessimism in Washington and Vienna prevailed. He added: ‘The customs duties that have been exchanged on all the most important commercial partners of the United States are justified, justified by the fear of stagnation and possibly inflationary stagnation. Economic growth and growth in oil demand are negatively affected. “