The OPEC+ decision to boost oil production in the face of tepid demand will further dampen oil prices, which will increase financial pressure on poorer oil exporting countries like Iraq and Algeria. And while cheaper oil will provide some financial relief for countries affected by U.S. tariffs (particularly oil-importing European and Asian countries), the risk of a tariff-induced global recession will remain. On May 3, the Saudi-led OPEC+ alliance of oil exporting countries announced that it will raise its collective oil production cap by 411,000 bpd (bpd) in June, compared with the original roughly 138,000 bpd production increase to which the bloc had previously agreed. The decision marks the second straight month in which OPEC+ has agreed to accelerate production by 411,000 bpd, meaning that in three months, OPEC+ will have brought nearly 1 million bpd back to the market since it began unwinding voluntary production cuts at the start...
