Commodities Weekly: OPEC+ surprise adds fuel to oil market fire

Amidst the commodity market chaos following “Liberation Day”, the surprise OPEC+ announcement that it will raise output by more than previously planned in May worsened the sharp decline in oil prices. The decision suggests that the group may be placing more emphasis on capturing market share. Against this backdrop, the downside risks to our below-consensus view that oil prices will end this year at $70pb are building.

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