Oil prices fall amid tariff concerns and outlook for higher OPEC+ output

Oil prices are falling today, pressured by concerns about the negative economic impact of US President Donald Trump’s tariff policy and a planned increase in output by the OPEC+ group. North Sea Brent crude was down around 0.7 percent at about 16:40 CET, slipping back below 70 dollars per barrel. US light crude West Texas Intermediate (WTI) was down around 0.6 percent, falling below 67 dollars per barrel.

However, according to Tamas Varga, an analyst at PVM, the prospect of possible new sanctions against Iran and Russia should limit a steeper decline in oil prices. Trump threatened Russia on Friday with tariffs and extensive sanctions until a ceasefire and peace deal between Russia and Ukraine are reached.

After taking office in January, the US president also reinstated his “maximum pressure” policy on Iran, aiming to cut the country off from the global economy and halt its oil exports. He wants to prevent Tehran from developing a nuclear weapon.

The OPEC+ group, comprising the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, confirmed early last week that it would proceed with a planned increase in oil production of 138.000 barrels per day in April. This, however, represents only a fraction of the group’s total output, which exceeded 41 million barrels per day at the beginning of the year.

Oil prices in dollars per barrel (about 159 litres):