President Donald Trump, who has promised to ensure American energy dominance, is directly asking foreign oil producers for help to lower energy prices.
In his first major speech of his presidency to global business and political leaders at the World Economic Forum in Davos, Trump called on Saudi Arabia to increase its investment in the United States to $1 trillion, but also to lower the price of oil. According to him, this will help end the war in Ukraine, which Russia has financed in part with its vast oil revenues, reports A2 CNN.
"I will also ask Saudi Arabia and OPEC to lower the cost of oil, you have to lower it, which frankly, I'm surprised they didn't do before the election. That didn't show much love from those who didn't do that. I was a little surprised," Trump said during a video conference speech in Davos, writes A2 CNN.
"If the price were to go down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue... They are very responsible, to a certain extent, for what is happening," the US president added.
The price of oil is determined by global markets, although it is influenced by the amount of oil produced by Saudi Arabia and other OPEC members. OPEC has supported prices by limiting production. (A2 Televizion)
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