Crude prices take a double whammy hit as Opec+ increases production and Trump's tariffs stoke recession fears

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.

  • lumonyEnglish
    2·
    1 day ago

    Venezuela has the “dirtiest oil in the world.”

    • qprimed@lemmy.mlEnglish
      3·
      1 day 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,”