OPEC+ shocked the market earlier this month with plans to ramp up crude output, setting oil prices up for their worst monthly performance in years. Now the group of oil producers might add even more barrels.

Donald Trump's trade war and falling demand have led to the sharpest collapse in oil prices in recent years, Reuters reports. Oil prices continued to fall on April 30, heading for their biggest monthly drop in nearly three and a half years.

Oil held steady on Thursday after strong earnings from Meta and Microsoft supported U.S. equities and postponement of U.S.-Iran talks offset concerns about the U.S. economy and the prospect of higher OPEC+ oil output.