US President Donald Trump in Saudi Arabia.Photo: Reuters.
At the World Economic Forum in Davos, US President Donald Trump called on Saudi Arabia to reduce oil prices, as this could be a key factor in ending the war in Ukraine, Time Ukraine Israel reports, citing Unian.
Speaking at one of the world’s most famous economic forums, Trump expressed his surprise that Saudi Arabia, one of the world’s largest oil exporters, had not lowered prices for black gold earlier. The US President is convinced that lower prices will contribute to a peaceful resolution of the conflict in Ukraine, as the high cost of oil gives Russia the financial means to continue its aggression
“I am surprised why this did not happen before the elections. If oil prices had come down, the war in Ukraine could have ended much faster. If prices remain high, the war will continue,” Trump said in his speech.
Reducing oil prices was one of Trump’s election promises. He has repeatedly stressed that he intends to stimulate oil production in the US, which will help reduce energy costs and support the country’s economy. Indeed, after Trump’s inauguration, global oil prices fell. Futures for Brent crude oil fell by 0.81% to $79.5 per barrel, while the price of US WTI (West Texas Intermediate) fell by 1.48% to $76.73 per barrel.
At the same time, Trump said that US efforts to resolve the conflict between Russia and Ukraine are ongoing, but that low oil prices could have a decisive impact on speeding up peace talks.
The President also called on NATO countries to increase their defence spending to 5% of GDP, noting that without an adequate level of security and cooperation between the alliance states, stable peace in the world cannot be achieved.
