OPEC+ to Increase Oil Output Amid New US Tariffs on China, Canada, and Mexico

The eight OPEC+ countries, including Saudi Arabia and Russia, have agreed to a gradual increase of 2.2 million barrels per day in global oil output starting April 1. The decision, announced during a virtual meeting on Monday, allows for pauses or reversals based on market conditions to support oil market stability. Effective Tuesday, March 4, the United States government will impose an additional 10% tariff on imported goods from China, 25% on imports from Mexico, and 10% on Canadian energy imports. This follows a lower-than-expected U.S. ISM Manufacturing Index for February, which analysts attribute to uncertainty surrounding trade tariffs.