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U.S. President Donald Trump has pledged to pressure Saudi Arabia and the Organisation of Petroleum Exporting Countries (OPEC) to slash global crude oil prices, claiming it would bring an immediate end to the ongoing Russia-Ukraine war.
Speaking at the World Economic Summit in Davos, Switzerland, on Thursday, Trump argued that high oil prices were enabling the continuation of the conflict, while reducing prices would not only curb the war but also alleviate global inflationary pressures.
“I’m going to ask Saudi Arabia and OPEC to bring down the cost of oil,” Trump stated. “If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue. Millions of lives are being lost, and oil prices play a big role in this.”
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Trump, who had previously promised to “end the Russia-Ukraine war immediately” upon assuming office, added that he was “surprised” OPEC and its allies had not acted earlier to stabilise prices, particularly before the U.S. elections.
The U.S. President also linked oil prices to interest rates, emphasising that a reduction in crude costs would justify lowering interest rates in the U.S. and globally. “With oil prices going down, I’ll demand that interest rates drop immediately. They should follow us,” Trump declared.
Trump’s comments caused immediate ripples in global energy markets. Following his address, Brent crude oil prices dropped below $80 per barrel, hitting $78.35 on Friday morning, according to Financial Times Market Data.
The decline marks a significant shift, especially in the context of Washington’s earlier sanctions on Russia’s oil and gas industry, which disrupted supply chains and forced countries like China and India to seek alternative sources from OPEC nations in the Middle East.
Analysts suggest Trump’s latest stance reflects a shift in strategy, using economic tools to pressure the Kremlin. While some expected Trump to align with Russian President Vladimir Putin, this move to target oil—a key revenue source for Russia—could signal a broader effort to undermine the Kremlin’s ability to fund its war efforts.
The President’s remarks highlight his intent to reshape the global energy and economic landscape, framing lower oil prices as a solution to geopolitical instability and economic strain.
As oil prices continue to fluctuate, all eyes remain on how OPEC and its allies respond to Trump’s demand and whether his strategy can deliver the desired outcomes for both global peace and economic stability.
