Eight OPEC oil producing nations Thursday agreed to boost crude oil production by 411,000 barrels a day, lowering prices by 6%. The increase was much more than expected and starts in May.

Markets were stunned when OPEC when chose not only to go ahead with its plans to raise oil production, but also to nearly triple the expected increase figure.

As President Donald Trump's latest tariffs weigh on growth outlooks, OPEC+ members unveiled plans for an output boost that outpaced expectations.

Stock indexes tumbled on Thursday, with the S&P 500 down more than 4%, while the U.S. dollar weakened and oil prices fell more than 6% as President Donald Trump’s drastic U.S. trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen.

The levies were seen as more aggressive than expected, with a 10 percent duty on all exports to the US and even higher rates on about 60 nations.

The combination of lower oil prices and higher costs for essential materials like steel pipe threatens to squeeze domestic oil and gas producers.

Oil prices fell on Thursday as the decision by the OPEC+ group to speed up unwinding of oil output cuts in May compounded already heavy losses following U.S. President Donald Trump's announcement of sweeping new import tariffs.

Crude oil prices were down more than $5 and product futures were sharply lower by midday Thursday, hit by a decision by OPEC and its allies to increase supply in May and energy demand fears a day after President Trump announced sweeping new tariffs.

Crude oil futures plunged more than 5% after President Trump unveiled sweeping new tariffs, sparking concerns about the broader impact to consumption and the demand for crude.