Global oil prices have crashed by 20% this week, marking the steepest decline since 2020. Analysts attribute the collapse to OPEC discord over production quotas and escalating geopolitical risks in critical oil-producing regions. This downturn threatens to destabilize energy-reliant economies, with inflation fears resurging worldwide.
The OPEC alliance, facing internal divisions, postponed emergency talks scheduled for Friday. Saudi Arabia and Iran remain at odds over supply cuts, while U.S. shale producers scramble to adjust output.
'This isn’t just a price correction—it’s a structural market shift,'warns energy analyst Clara Mendez.
Key repercussions include:
- Gasoline prices falling below $3 per gallon in 18 states
- Stock market volatility as energy shares plummet
- Renewed focus on strategic oil reserves in Europe
Despite short-term consumer benefits, economists caution that prolonged low prices could cripple green energy investments. Meanwhile, Russian export data reveals…
