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 1 week ago by [email protected] to c/[email protected]
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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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[–] [email protected] 19 points 1 week ago (2 children)

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

[–] [email protected] 9 points 1 week ago* (last edited 1 week ago) (1 children)

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.

[–] [email protected] 2 points 1 week ago

Trump may have asked for this. I guess we'll know how the relationship is going if they reduce production in the future. 😂

[–] [email protected] 8 points 1 week ago (1 children)

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

[–] [email protected] 2 points 1 week ago (2 children)

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

[–] [email protected] 8 points 1 week 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.

[–] [email protected] 4 points 1 week ago* (last edited 1 week ago) (4 children)

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

[–] [email protected] 2 points 1 week ago

Holy shit

[–] [email protected] 2 points 1 week ago (1 children)

Hey buddy, we're not annexed yet!

[–] [email protected] 2 points 1 week ago

elbows up, my friend. elbows up!

[–] [email protected] 2 points 1 week ago

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