Major oil producers announced a bigger-than-expected output boost for May, even as Trump’s tariffs tank crude prices.

Markets were stunned when OPEC+ when chose not only to go ahead with its plans to raise oil production, but also to nearly triple the expected increase figure.

Oil prices experienced a sharp decline this week due to the announcement of U.S. tariffs on trade partners and OPEC+'s decision to significantly increase production, raising concerns about weakened demand and oversupply.