President Trump said he will ask the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, to bring down the price of oil.
“I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil. You’ve got to bring it down,” said Trump during his remote speech at the World Economic Forum in Davos, Switzerland.
“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’ve got to bring down the oil price. You’ve got to end that war,” he said.
Russia, a major producer of oil and gas, is an OPEC ally. The cartel currently has production cuts in place in order to keep a floor on prices.
Both West Texas Intermediate (CL=F) and Brent (BZ=F) fell roughly 1% following Trump’s comments.
