World News

35258 readers

231 users here now

News from around the world!

Rules:

Please only post links to actual news sources, no tabloid sites, etc
No NSFW content
No hate speech, bigotry, propaganda, etc

founded 5 years ago

MODERATORS

[email protected]

154

Oil prices crumble as Saudi Arabia throws in the towel on restricting supply (www.middleeasteye.net)

submitted 4 days ago by [email protected] to c/[email protected]

28 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 4 points 3 days ago* (last edited 3 days ago) (4 children)

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

[–] [email protected] 2 points 3 days ago (1 children)

Hey buddy, we're not annexed yet!

[–] [email protected] 2 points 3 days ago

elbows up, my friend. elbows up!

[–] [email protected] 2 points 3 days ago (1 children)

Venezuela has the "dirtiest oil in the world."

[–] [email protected] 2 points 3 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,”

[–] [email protected] 2 points 3 days ago

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

[–] [email protected] 2 points 3 days ago

Holy shit