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OPEC+ agreed to make a larger than expected oil supply hike in May, deepening the slump in oil prices triggered by President Donald Trump’s tariffs.

Global oil demand is under pressure from the escalating trade war at the same time that OPEC+ is reviving output, threatening to deepen a supply surplus, the International Energy Agency said.

Global oil demand will hit a record this year as Asian countries, particularly China and India, continue to expand consumption, said the head of Saudi Aramco.

Brazil’s government on Feb. 18 approved joining OPEC+, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit.

OPEC+ didn’t make any changes to its existing oil production plans at a review meeting Feb. 3, even as President Donald Trump called on the group to lower crude prices.

Oil traders expect OPEC+ to stick with its current supply policy at a review meeting next week, resisting pressure from President Donald Trump to open the taps and bring down crude prices.

U.S. President Donald Trump has raised the stakes for a meeting of an OPEC+ ministerial panel next month, with his call for the group to lower oil prices.

OPEC forecast another year of steady oil demand growth, driven by India and China, in its first detailed assessment of 2026.

Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the U.S., Canada and Guyana continues to grow.

The Baltic Exchange’s TD3C Index, which reflects rates for VLCCs on the Middle-East-to-Asia route, dropped to so-called Worldscale 39.05 on Dec. 13.