Oil prices crumble as Saudi Arabia throws in the towel on restricting supply
Oil prices continued their free fall on Friday as the market absorbed a double whammy of shocks after US President Donald Trump announced sweeping global tariffs and the Opec+ alliance decided to massively increase crude production.
The price of Brent, the international benchmark, has dropped more than 11 percent in two days, plunging from $74 per barrel at the beginning of this week to about $66 per barrel. The drop has put crude prices at their lowest levels since 2021.
The sell-off shows how Trump’s trade war is already unleashing secondary effects on the Middle East.
https://www.middleeasteye.net/news/oil-prices-crumbles-saudi-arabia-throws-towel-restricting-supplyOpen linkView original on lemmy.ml154
Comments24
I wouldn't really call it a crumble. It was this low this past March around the same time and it dropped this low in September last year. Also, oil is exempt from the tariffs, but the people using the oil is probably going to lower too. I think this is a weird headline.
https://markets.businessinsider.com/commodities/oil-price?op=1
https://www.theguardian.com/us-news/2025/apr/04/trump-exempts-big-oil-donors-from-tariffs
The drop should dampen some of the inflationary effects of the tariffs. MBS is essentially helping Trump in this one.
Agreed - actually came here to say this. The Saudis have been pretty blatant in how they time their pricing manipulation to American politics and economic trends. Like how oil prices stayed high even after COVID killed demand while Biden was in office, or how they flooded the market to try and kill the American fracking industry after Trump was elected the first time.
Trump may have asked for this. I guess we'll know how the relationship is going if they reduce production in the future. 😂
good observation. wonder how texas and louisiana "drill baby drillers" are doin' right now...
Depleting middle east oil reserves faster so US oil ultimately gains value in the long term
We can't even refine our own oil. We import sweet crude to our refineries and export sour crude to international refineries.
old info? have things flipped?
based on proven reserves it looks like venezuela is gonna get canada'd harder than usual.
we seem to like it dirty.
Ah yes, oil rich country.
What a coincidence they have all these coup attempts there.
Holy shit
Hey buddy, we're not annexed yet!
elbows up, my friend. elbows up!
Everything requiring energy or fuel to produce or transport should get cheaper
Wow, OPEC might actually be falling apart, going by that.
Maybe they are trying to save Trump and salvage the world economy line from going through the floor. Because another 2008 would be very bad for Gulf business.
Trumpers gonna be like "See daddy knows best cause oil is cheaper" eye roll
Cool. Lower prices at the pump in 5... 4... 3......
.....4.....5....6.....7.....8.....
It was useful against global warming
still hopeful that, if trumps idiocy does not directly blow us all to hell, an economic downturn may give us another COVID style environmental breather. silver linings and all that.
That's gonna really piss off Russia.
Hopefully the increase in drilling leads to Mother Earth washing us all away in a massive flood. Poke enough and it might poke back..