OPEC+ Sticks to Production Increase in May Amid U.S. Tariffs on Venezuelan Oil

Sources within "OPEC+" have confirmed that the alliance will proceed with its planned monthly production increase in May, as part of its ongoing strategy to stabilize global markets and meet rising demand.

This announcement comes at a time of heightened energy market volatility, particularly following threats from former U.S. President Donald Trump to impose new tariffs on Venezuelan oil. Trump stated that any country purchasing oil or gas from Venezuela would face a 25% tariff when exporting to the U.S.

Moreover, he announced plans to implement secondary sanctions on Venezuela starting April 2. 

These U.S. measures are expected to put further pressure on Venezuela’s economy, which heavily relies on oil revenues amid existing Western sanctions. 

Meanwhile, OPEC+’s decision to boost production could help offset potential supply disruptions, creating a new dynamic in the global oil market as geopolitical and economic factors continue to shape supply and demand.