Africa-Press – South-Sudan. Crude oil prices have plummeted to record lows following U.S. President Trump’s reciprocal tariffs announcement, as well as a sharp increase in crude production output by Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Brent futures, upon which all South Sudan sales are based, declined $2.28, or 3.5 per cent, to $63.30 a barrel while US West Texas Intermediate crude futures lost $2.20, or 3.6 per cent, to $59.79, on Monday. This is the lowest point in the oil prices since April 2021.
Oil already plunged 7 per cent on Friday after China – the world’s largest crude oil importer – retaliated against the U.S. with its own tariffs. Over the past week, Brent lost 10.9 per cent, while WTI dropped 10.6 per cent.
On April 3, the OPEC+ member states including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, announced an increase in oil output by 411,000 barrels per day (bpd) in May, exceeding expectations.
This was on the same day that U.S. President Trump slapped blistering reciprocal universal tariffs that have shaken financial markets and triggered fears of global recession, according to economists.
Tariffs are taxes on goods shipped by companies from other countries. Trump announced a 10% “baseline” tariff on imports from all nations. South Sudan is listed among countries facing the 10% tariffs.
But 60 countries will be hit with higher rates of up to 50%, including Lesotho, Cambodia, Vietnam, Malaysia and Bangladesh, while countries in the European Union face a 20% tariff.
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