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

submitted 6 days 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] 8 points 6 days ago (10 children)

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

[–] [email protected] 2 points 6 days ago (9 children)

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

[–] [email protected] 4 points 6 days ago* (last edited 6 days ago) (6 children)

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

[–] [email protected] 2 points 5 days ago

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

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