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Oil prices crumble as Saudi Arabia throws in the towel on restricting supply (www.middleeasteye.net)
submitted 1 year ago by to c/worldnews@lemmy.ml
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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.

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[–] 42 points 1 year ago* (2 children)

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

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  • [–] 18 points 1 year ago (2 children)

    The drop should dampen some of the inflationary effects of the tariffs. MBS is essentially helping Trump in this one.

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  • [–] 9 points 1 year ago* (1 child)

    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.

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  • [–] 8 points 1 year ago (1 child)

    good observation. wonder how texas and louisiana "drill baby drillers" are doin' right now...

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  • [–] 2 points 1 year ago (2 children)

    Depleting middle east oil reserves faster so US oil ultimately gains value in the long term

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  • [–] 4 points 1 year ago* (4 children)

    based on proven reserves it looks like venezuela is gonna get canada'd harder than usual.

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    • [–] 23 points 1 year ago (1 child)

    Wow, OPEC might actually be falling apart, going by that.

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    • [–] 17 points 1 year ago

    Trumpers gonna be like "See daddy knows best cause oil is cheaper" eye roll

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    [–] 8 points 1 year ago (2 children)

    Cool. Lower prices at the pump in 5... 4... 3......

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    • [+] 7 points 1 year ago* (last edited 1 year ago) (1 child)
    [deleted]
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    • [–] 7 points 1 year ago

    That's gonna really piss off Russia.

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    [–] 6 points 1 year ago

    Hopefully the increase in drilling leads to Mother Earth washing us all away in a massive flood. Poke enough and it might poke back..

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