Oil prices drop as Trump calls on OPEC to lower prices Amid US oil output boost
Date
1/27/2025 8:41:38 AM
(MENAFN) Oil prices slipped on Monday following US President Donald Trump’s renewed call for the Organization of the petroleum Exporting Countries (OPEC) to reduce oil prices. This comes after Trump announced a series of measures aimed at boosting US oil and gas production in his first week in office. By 7:30 a.m. Saudi time, brent crude futures had fallen 53 cents, or 0.68 percent, to $77.97 per barrel, after gaining 21 cents on Friday. Meanwhile, US West Texas Intermediate crude dropped 50 cents, or 0.67 percent, to $74.16 per barrel.
Trump’s call for lower oil prices aims to diminish the financial power of oil-rich Russia, with the goal of hastening the end of the war in Ukraine. Trump suggested that OPEC’s actions to reduce oil prices would have a swift impact on the conflict. "One way to stop it quickly is for OPEC to stop making so much money and drop the price of oil... That war will stop right away," he stated.
In addition, Trump has warned of potential taxes, tariffs, and sanctions on Russia and other countries involved if a resolution to the war in Ukraine is not reached soon. Russian President Vladimir Putin responded by suggesting that he and Trump should meet to discuss the situation, particularly concerning the war and energy prices.
This diplomatic positioning has added volatility to global oil markets, with analysts, including John Driscoll of JTD Energy, noting that these developments are creating instability in the oil sector.
MENAFN27012025000045015839ID1109133278
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.