Oil prices tumbled more than 11 percent Tuesday, with West Texas Intermediate and Brent crude posting their steepest single-day losses in years amid U.S. policy signals and supply concerns.
The sharp sell-off followed U.S. President Donald Trump's suggestion the previous day that the conflict with Iran could end "very soon", driving crude futures sharply down in after-hours trading.
The West Texas Intermediate for April delivery dropped 11.32 U.S. dollars, or 11.94 percent, to settle at 83.45 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped 11.16 dollars, or 11.28 percent, to settle at 87.80 dollars a barrel on the London ICE Futures Exchange.
International Energy Agency (IEA) Executive Director Fatih Birol said in a statement Tuesday that G7 Energy Ministers met at the IEA headquarters to discuss global oil and gas markets and review all available options, including a potential release of reserves held by IEA member countries.
Later Tuesday, the IEA convened a special meeting of member countries, proposing the largest coordinated release of oil reserves in history to address supply tightness. A decision was expected on Wednesday.
Oil prices plunge over 11 pct amid US policy signals, Middle East tensions
Oil prices plunge over 11 pct amid US policy signals, Middle East tensions
Oil prices plunge over 11 pct amid US policy signals, Middle East tensions
Serbia's Agriculture Minister Dragan Glamocic hailed the surge in exports to China following the launch of a landmark free trade agreement (FTA) in recent years, calling the pact a strategic relationship of mutual vision and voicing optimism for deeper bilateral cooperation.
The FTA between China and Serbia, signed in October 2023 and implemented on July 1, 2024, eliminates tariffs on roughly 90 percent of bilateral trade. More than 60 percent of goods became duty-free immediately upon its entry into force, marking a decisive step in deepening economic ties.
He said the agreement has reshaped Serbia’s trade profile, fueling a 69-percent jump in agricultural exports while accelerating imports of Chinese technologies and farm mechanization.
"The relationship between the People's Republic of China and the Republic of Serbia, I would describe as a long-term, strategic relationship of mutual political and clear economic vision.The Free Trade Agreement between our countries was signed in 2023. It was introduced in 2024. As a result, our trade exchange has greatly improved, especially in the field of agriculture. We can say from that moment our exports to China grew for 69 percent. We have also made easier the import of certain things, such as mechanization and digital technologies, from the People's Republic of China to Serbia," said Glamocic.
"Our traditional products, such as wine, our domestic brandy, our honey, dried plums, frozen raspberries, similarly, imports of modern technologies from China are increasing, mechanization also, which really improves our agriculture business in Serbia. So I am an optimist that it will get better and better every day," he added.
The minister spoke highly of Serbia's partnership with China and voiced hope for broader cooperation in the future.
"What I would expect from China is that we sometimes try to speed up these procedures as much as possible. It is especially an honor for us when such a small country has such a status in the People's Republic of China. We were the first country to sign this type of strategic document in Europe, and we have reached the highest possible level among the two countries," he said.
Serbian agriculture minister reports record export growth to China
