Tidbits, Tariff Retaliations, OPEC+ Increase, South America Crops, Export Sales 4/4/25
- Wright Team
- 12 minutes ago
- 5 min read
Tidbits
OPEC+ is reversing its production cuts with output set to rise by more than expected in May because they see continuing healthy market fundamentals. After cutting their oil production for more than a year, OPEC+ will add 411,000 barrels per day in May. The larger-than-expected production boost by OPEC+ added to the tariff-fueled recession fears to sink oil prices more than $5 per barrel yesterday.
The White House stated U.S. imports of oil, gas, and refined products were exempted from President Trump’s sweeping new tariffs. More than 4 million barrels per day of Canadian heavy crude are imported by the U.S. and about the same quantity of refined products are imported by Canada from the U.S. every day.
Mexico’s President Claudia Sheinbaum did state Mexico will not initiate any additional tariffs on U.S. products despite Trump’s tariffs actions.
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