US tariffs hammer global oil producers

Fears of a global recession as a result of rising protectionism have sent oil prices to their lowest level in three years, leaving officials in Nigeria, Africa’s biggest producer, bracing for an economic shock.

Washington’s tariffs have pushed crude below the price that major producers require to turn a profit: Goldman Sachs says they could drop to $40 a barrel from about $60 now.

The fallout points to the tariffs hammering fossil fuel producers even though oil and gas are exempt from US levies: In Nigeria, the sector accounts for 5-6% of GDP.

Meanwhile in Russia, which has relied on oil exports to fuel its wartime economy, plunging prices are driving “a deepening crisis,” The Moscow Times reported.