Oil values drop to a low point not seen in years as OPEC+ considers increasing production more quickly.

On Monday, crude oil prices plummeted to a multi-year low as a result of OPEC+ confirming their decision to further reduce production cuts and increase output in June. This decision is expected to contribute to an already existing market surplus, which has been intensified by deteriorating demand due to escalarring trade tensions between the United States and China.

Source: https://www.euronews.com/business/2025/05/05/oil-prices-plunge-to-multi-year-low-as-opec-plans-to-accelerate-production-hikes