Peace through oil: Trump claims the war in Ukraine could end if the price of oil drops!
US President Donald Trump has claimed that the war in Ukraine could be ended by falling oil prices.
Speaking via video link at the World Economic Forum in Davos on Thursday, Trump said he would ask the Organization of the Petroleum Exporting Countries (OPEC) to lower the price of oil, saying it would end Russia's full-scale invasion of Ukraine "immediately."
“Right now the price is high enough that that war will continue, you need to lower the price of oil and end the war,” he added.
OPEC is made up of 12 oil-rich countries, including Iraq, Iran, Saudi Arabia and the United Arab Emirates, which together account for about 40% of global oil supply. Their large weight as a bloc means they can dramatically influence the price of oil by increasing or decreasing production.
Trump vowed to pressure Saudi Arabia and OPEC to lower oil prices, suggesting that economic measures, rather than military aid, could be the key to ending the conflict.
The newly inaugurated president also expressed a willingness to engage directly with Russian President Vladimir Putin to end the war. While he has not offered details on how he would negotiate peace, Trump has insisted that "Ukraine is ready to make a deal."
The credibility of Trump's strategy is unclear. Russia has faced a series of U.S. and European sanctions since the start of its full-scale invasion of Ukraine almost three years ago. Oil had been Russia's biggest export to the U.S., but that trade declined in 2023.
Meanwhile, Iran is both an OPEC member and a Russian ally and could push back against Trump's proposed plan.
However, Trump is also proposing to order a new wave of American drilling for domestic oil and gas, which could also lower global prices and put pressure on Russia.
In his speech late Thursday, Ukrainian President Volodymyr Zelenskyy said: "The main thing is not to slow down and put pressure on Russia, the only entity that wants this war."
"Energy resources and especially oil are one of the most important keys to peace, to real security," he said. "Europe should work more with America and other partners in the world, not with Russia, regarding energy resources."
Earlier this week, Trump also threatened to impose "high levels of taxes, tariffs and sanctions" on Russia if Putin does not make a deal to end the war.
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