Trump urges Saudi Arabia, OPEC to lower oil prices amid ongoing Ukraine conflict

President Donald Trump, speaking via live video link from the Eisenhower Executive Office Building at the White House, addressed business leaders at the World Economic Forum in Davos, Switzerland on January 23.

In his remarks, Trump threatened higher tariffs on businesses and pledged to “demand” lower oil prices from OPEC and reduced interest rates from central banks, Caliber.Az reports via foreign media.

Opening with a lengthy list of supposed accomplishments and boasting about his administration’s progress, Trump also took aim at his predecessor, former President Joe Biden. He described the past week as “a truly historic week in the United States,” heralding it as the start of a “new golden age” for the country. He also celebrated what he called a “massive mandate” from his electoral college victory over former Vice President Kamala Harris in last year’s election.

In his address, the president also pledged to urge Saudi Arabia and the Organization of Petroleum Exporting Countries (OPEC) to lower oil prices, suggesting that a price reduction could bring an end to the ongoing Russian invasion of Ukraine.

“You got to bring it down, which, frankly, I’m surprised they didn’t do before the election. That didn’t show a lot of love by them not doing it. I was a little surprised by that if the price came down, the Russia Ukraine war would end immediately. Right now the price is high enough that that war will continue. You got to bring down the oil price. You can end that war. They should have done it long ago,” he said.

He added that, in his view, the oil-producing nations were responsible for the continuation of the war and the “millions of lives” lost on both sides.

Trump also vowed to “demand that interest rates drop immediately” both in the US and “all over the world,” despite having no authority to direct the US Federal Reserve — or any other country's central bank — to lower rates.

The president’s pledge to demand lower oil prices from OPEC and Saudi Arabia came just hours after he spoke with Saudi Crown Prince Mohammad Bin Salman, marking his first call with a foreign leader since taking office.

A White House readout of the call stated that the two leaders “discussed efforts to bring stability to the Middle East, bolster regional security, and combat terrorism,” in addition to Riyadh’s “international economic ambitions over the next four years” and “trade and other opportunities to increase the mutual prosperity” of both nations.

By Vafa Guliyeva