this post was submitted on 04 Apr 2025
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Oil prices crumble as Saudi Arabia throws in the towel on restricting supply (www.middleeasteye.net)
submitted 4 days ago by geneva_convenience@lemmy.ml 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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[–] qprimed@lemmy.ml 9 points 4 days ago (1 children)

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

[–] ryannathans@aussie.zone 2 points 4 days ago (2 children)

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

[–] GaMEChld@lemmy.world 8 points 4 days ago (1 children)

We can't even refine our own oil. We import sweet crude to our refineries and export sour crude to international refineries.

[–] qprimed@lemmy.ml 4 points 4 days ago* (last edited 4 days ago) (4 children)

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

[–] Bloomcole@lemmy.ml 3 points 4 days ago

Ah yes, oil rich country.
What a coincidence they have all these coup attempts there.

[–] avidamoeba@lemmy.ca 2 points 4 days ago (1 children)

Hey buddy, we're not annexed yet!

[–] qprimed@lemmy.ml 2 points 4 days ago

elbows up, my friend. elbows up!

[–] lumony@lemmings.world 2 points 4 days ago (1 children)

Venezuela has the "dirtiest oil in the world."

[–] qprimed@lemmy.ml 3 points 4 days ago

we seem to like it dirty.

[...]our refineries were designed to process oil coming from Mexico and Venezuela. “And a lot of that tends to be relatively heavy and relatively high in sulfur,”