U.S. President Donald Trump repeated his threat to hit Iran’s critical infrastructure hard if the country’s government doesn’t reopen the Strait of Hormuz by his Monday deadline. He said in a profanity-laced social media post Sunday that Tuesday will be “Power Plant Day, and Bridge Day, all wrapped up in one, in Iran.” He also offered details of the rescue of a “seriously wounded” colonel who had been missing since Friday when Iran shot down a U.S. F-15E Strike Eagle. Trump wrote that the Iranian military was “looking hard, in big numbers, and getting close” to the aviator. Trump said the other F-15 pilot had been rescued earlier in “broad daylight” after seven hours over Iran.
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The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025.
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The move follows a statement last month from Saudi Arabia’s energy minister that the group could reduce output at any time.
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The group had been adding a steady 432,000 barrels per day each month to gradually restore production cuts from 2020.
OPEC, Russia and other oil-producing nations have finalized an unprecedented production cut of nearly 10 million barrels.
The OPEC oil cartel and nations including Russia have agreed to boost oil prices by cutting as much as 10 million barrels a day in production.
World shares have held steady in quiet Good Friday trading after Wall Street closed out its best week in 45 years thanks to the Federal Reserve's titanic effort to support the economy.
OPEC's president says the oil cartel in conjunction with non-OPEC producers including Russia have agreed to cut oil production by 1.2 million barrels a day in January for six months.
Stocks are opening mostly lower on Wall Street, except for energy companies, which rose along with the price of oil.
OPEC nations have reached a preliminary agreement to curb oil production for the first time since the global financial crisis eight years ago, immediately pushing up oil prices.