Trump asks Saudi, OPEC to lower oil prices: Could end Ukraine war immediately

US President Donald Trump linked the ongoing war in Ukraine to global oil prices, urging Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to lower crude prices as a means to bring an end to the conflict.

In a virtual address to executives at the World Economic Forum in Davos on Thursday, Trump minced no words as he accused the Saudis and OPEC of sustaining Russia’s military offensive in Ukraine by maintaining high oil prices.

“I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” Trump said. “If the price came down, the Russia-Ukraine war would end immediately.”

Russia, one of the world’s largest oil exporters, heavily relies on energy revenues to support its war efforts. According to reports, Saudi Arabia and Russia, as part of the OPEC+ alliance, have been withholding 2.2 million barrels of oil per day from the market to keep prices from falling too sharply.

Trump argued that Saudi Arabia and OPEC’s decisions on oil production have exacerbated the situation in Ukraine.

“They should have done it long ago. They’re very responsible, actually, to a certain extent, for what’s taking place,” he added.

Trump said he was surprised that Saudi Arabia and OPEC had not acted before his election, describing their inaction as lacking “a lot of love”. The US President also called on central banks worldwide to lower interest rates in tandem with falling oil prices.

The price of crude fell by 1 per cent following Trump’s remarks, after earlier gains during the session, reported CNBC News.

Before his Davos address, Trump reiterated his push for an immediate resolution to the Russia-Ukraine conflict. Writing on his social media platform, Truth Social, he stated he was doing Russia and its president, Vladimir Putin, a “very big favour” by advocating for peace.

Trump has previously stated he would negotiate a settlement to Russia's full-scale invasion of Ukraine, launched in February 2022, in a single day. Earlier this week, he said he would soon speak with Putin, while also hinting at applying more sanctions if the Russian leader does not come to the negotiating table.

In response, the Kremlin stated it remains "ready for an equal dialogue, a mutually respectful dialogue."

According to a BBC report, a spokesperson for Putin said that Russia sees nothing new in Trump's threats to impose sanctions, saying, "He likes these methods, at least he liked them during his first presidency."