Janice R. Andrews
President Donald Trump addressed the World Economic Forum in Davos, Switzerland on Thursday, urging OPEC members and Saudi Arabia to lower crude oil prices. During his speech, Trump emphasized that reducing energy costs could swiftly end the ongoing Russia-Ukraine conflict. According to Trump, high oil prices continue to fuel tensions, and a price decrease would prompt immediate peace efforts.
The former president cited his recent conversation with Saudi Crown Prince Mohammed bin Salman, who pledged to invest up to $600 billion in the United States over the next four years. Despite this commitment, Trump vowed to request a larger sum, suggesting a $1 trillion target. He also expressed surprise that Saudi Arabia had not previously taken measures to reduce oil prices, prior to the U.S. midterm elections.
Trump’s statements at Davos garnered significant attention from global leaders and energy analysts, who are closely monitoring potential shifts in oil production and pricing. Should OPEC choose to comply with Trump’s request, analysts predict immediate effects on global markets, with potential ramifications for the Russian economy. Both diplomatic and economic observers are now awaiting Saudi Arabia’s response, anticipating whether the Crown Prince will adjust national oil policy to fulfill Trump’s call for a price cut.
