- Trump urges OPEC to lower oil prices, links high costs to Russia-Ukraine war
- Trump expressed surprise that OPEC hadn’t acted to lower prices before the elections
- Crown Prince reportedly pledged $600 billion in U.S. investments over four years
Trump urges OPEC to lower oil prices, links high costs to Russia-Ukraine war
President Donald Trump has called on Saudi Arabia and other OPEC nations to reduce oil prices, warning that high costs are prolonging the Russia-Ukraine conflict. Speaking at the World Economic Forum in Davos, Trump expressed surprise that OPEC hadn’t acted to lower prices before the elections, emphasising the impact on global stability.
“Right now the price is high enough that that war will continue,” he said, referring to the Russia-Ukraine war and suggesting that the higher oil price was helping to sustain funding for the conflict in Moscow.
“You gotta bring down the oil price, that will end that war. You could end that war,” he added.
Trump’s remarks came after a conversation with Saudi Crown Prince Mohammed bin Salman, during which the Crown Prince reportedly pledged $600 billion in U.S. investments over four years. However, the White House statement did not mention this figure. Trump joked about asking the Crown Prince to increase the pledge to $1 trillion, calling him “a fantastic guy.”
Following the comments, crude oil prices dropped by 1%. The president also reiterated his willingness to use tariffs as leverage to influence the global oil market.