Oil prices fell after Donald Trump announced an appeal to Saudi Arabia and OPEC.
Within minutes of the US President’s statement at the Davos forum, the price dropped by at least a dollar. Trump spoke via video link.
The price of oil is also affected by the likely weakening of demand – due to the slowdown of the Chinese economy, the massive transition of the country’s vehicle fleet to electric vehicles and negative signals about the state of the global economy.
The main points of Trump’s speech at the International Economic Forum:
The US President said that Saudi Arabia will invest six billion dollars in the American economy:
We will negotiate for Saudi Arabia to reduce oil prices. If prices fall, the war between Russia and Ukraine will end.
Another point concerned defense spending in NATO.
I want to ask all NATO countries to increase defense spending to 5%. Previously, this level was 2%, but some countries did not even pay this.
We will lower U.S. taxes to the lowest levels in the world to attract foreign investment.
The US President hopes that China will help stop Russia’s war against Ukraine. Trump spoke about this on the phone with Xi Jinping.
Trump also said that “the United States would like to reduce the production of nuclear weapons.” This idea was proposed by both the Russian and Chinese sides.
Trump once again emphasized that he wants to reach an agreement to end the war between the Russian Federation and Ukraine:
I would like to meet with Putin soon… Will the war end this year? Ask Russia. Ukraine is ready for an agreement.
Trump also said in the speech that he would try to “de-nuclearize” nuclear-armed states by reducing the number of nuclear warheads:
The United States would like to reduce its nuclear arsenals together with the Russian Federation and China.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.