Oil Plunges as Trade War Fears Mount, OPEC+ Ramps Up Output
Summary
Oil prices plummeted to 2021 lows as escalating trade tensions and OPEC+'s output hike stoked fears of a supply glut, potentially crippling Russia's economy and challenging Trump's 'drill, baby, drill' agenda, though some producers aim for growth.
Key Points
- Oil prices dropped to their lowest level since 2021 amid fears of a global trade war and OPEC+ decision to increase output
- Low oil prices could hurt Russia's war machine and finances, potentially pushing its economy into recession
- Trump's 'drill, baby, drill' agenda may be threatened if low oil prices persist, although some producers like ExxonMobil remain committed to growth