Saudi Arabia’s Next Move Could Hit Oil Prices Hard ...Middle East

Last week, eight OPEC+ countries unveiled plans to advance their planned phase-out of voluntary oil output cuts by ramping up output by 411,000 barrels per day in May--equivalent to three monthly increments. The announcement of the accelerated unwinding clip comes at a time when U.S. President Donald Trump announced tariffs on trading partners, deepening the shock to oil markets.  Brent crude for June delivery was up 0.1% to trade at $63.32 per barrel at 9.45 am ET on Friday while WTI crude was flat at $60.12 per barrel. The move confirms…

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