Oil Prices Decline as Trump Pushes for Increased Production

Trump Urges OPEC to Lower Oil Prices to Weaken Russia and End Ukraine Conflict

On Friday, U.S. President Donald Trump reiterated his demand that OPEC reduce oil prices as a means to undermine Russia’s financial stability and expedite the resolution of the war in Ukraine.

“One way to stop it quickly is for OPEC to stop making so much money and drop the price of oil…. That war will stop right away,” Trump declared while landing in North Carolina to assess storm damage.

Despite his call, the price of Brent crude—the global oil benchmark—shed the gains it had achieved earlier that morning.

Brent crude has fallen 3.3% this week, driven by a weakening dollar. The dollar’s decline followed Trump’s more relaxed stance on tariffs and his recent speech at the World Economic Forum in Davos.

At the Forum, Trump urged oil-producing nations to reduce oil prices and suggested that Saudi Arabia increase its production.

Nadia Martin Wiggen, a director at Svelland Capital, told Bloomberg TV, “He just wants the price lower. He aims to reduce gasoline prices for consumers and wants oil prices to be lower than they were under the Biden administration. On the other hand, he wants producers to keep producing, especially American ones, which puts him in a tough situation.”

As of today, Brent crude has decreased by 0.3% to nearly $78 per barrel. Brent crude declined by 2.4% over the week, while WTI fell by 3.7%.

Trump Urges OPEC and Saudi Arabia to Lower Crude Prices and Seeks Increased U.S. Investment. At the World Economic Forum on Thursday, President Donald Trump announced his intention to press the Organization of the Petroleum Exporting Countries (OPEC) and its leading member, Saudi Arabia, to reduce crude oil prices.

He also revealed plans to request that Riyadh increase a U.S. investment package to $1 trillion, up from the previously reported $600 billion, as stated by the Saudi state news agency.