OPEC+ Gives Violators Until April 15
Amid a historic plunge in oil prices and mounting U.S. political and trade pressures,
OPEC+ has granted non-compliant members until mid-April to submit urgent corrective plans.

Contents

OPEC

Bayrou

Trump

OPEC

OPEC+ Gives Non-Compliant Countries Until April 15 Amid Sharp Drop in Oil Prices
The Joint Ministerial Monitoring Committee (JMMC) has granted member states that failed to fully comply
with production cuts a deadline of April 15 to submit updated compensation plans to the OPEC Secretariat.

In a statement issued after its 59th meeting, held via video conference,
the committee noted several observations regarding the performance of some countries
and emphasized the importance of full compliance with the cuts to maintain market stability.

This comes at a time when oil prices are experiencing a sharp downturn, hitting their lowest levels in over three years.
The decline is attributed to an unexpected increase in production by the OPEC+ alliance,
along with new tariffs announced by U.S. President Donald Trump, raising concerns over weakening global demand.

During the meeting, the committee reviewed production data for January and February of this year,
while maintaining the current production policy.
It also expressed appreciation for the additional voluntary cuts implemented by eight alliance members in April and November 2023,
which contributed to supporting market stability.

Coinciding with Trump’s tariff announcement, OPEC+ surprised markets by adding over 400,000 barrels per day to supply starting next month
—three times more than originally planned—indicating a clear shift in supply strategy after years of production cuts aimed at supporting prices.

As a result, Brent crude dropped by more than 10% in just two days,
while U.S. crude futures fell to their lowest levels since May 2023.

Bayrou

Bayrou Warns of U.S. Tariff Impact on French Economy, Says Job Losses May Exceed 0.5% of GDP
French Prime Minister François Bayrou warned that the new U.S. tariffs could lead to a loss exceeding 0.5% of France’s GDP.
He described the sudden hike in tariffs imposed by President Donald Trump as a major threat to the French economy.

Bayrou explained that the tariff increases could result in a higher risk of job losses, economic slowdown,
and stagnation in investment. He added, “The disruption caused by these tariffs will affect the global economy for a long time.”

Earlier, Trump signed an executive order imposing a 10% tariff on all imports into the U.S. and a 20% tariff on imports from the European Union,
prompting angry reactions from many countries around the world.

Trump

Trump Grants TikTok 75 Extra Days to Complete Sale Deal, Says: We Don’t Want to Shut It Down
U.S. President Donald Trump announced the signing of an executive order granting the TikTok app
an additional 75 days to complete its sale to an American company.
Trump noted “significant progress” in negotiations regarding the app’s future.

In his remarks, Trump clarified that the U.S. administration does not seek to ban the popular app
but is working toward a solution that ensures its continued operation in the U.S.,
provided that the deal protects national security and prevents user data from being leaked to foreign entities.

He said: “We’ve made tremendous progress in the TikTok negotiations,
and I’ll sign an executive order to keep it running for another 75 days.
We don’t want to shut it down.”

Trump also emphasized his country’s continued cooperation with the Chinese government and ByteDance,
TikTok’s parent company, expressing Washington’s desire to reach a deal that satisfies all parties.
He also acknowledged China’s frustration over the trade dispute but stressed
that the U.S. measures aim to protect the national economy and local technologies.

OPEC+ Gives Violators Until April 15

OPEC+ Gives Violators Until April 15

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