₦airaland Forum

President Donald Trump said he would ask Saudi Arabia and other Opec nations to "bring down the cost of oil" and doubled-down on his threat to use tariffs.

In a speech to executives at the World Economic Forum in Davos on Thursday, the US president said he was 'surprised' that Opec hadn't brought down the price of oil before the elections.

"Right now the price is high enough that that war will continue," he said, referring to the Russia-Ukraine war and suggesting that the higher oil price was helping to sustain funding for the conflict in Moscow.

"You gotta bring down the oil price, that will end that war. You could end that war," he added

The president's comments on the oil price came after he spoke to Saudi Crown Prince Mohammed bin Salman on Wednesday. According to Saudi State media Bin Salman pledged to invest as much as $600bn in the US over the next four years, however this figure was not mentioned in the White House statement after the call.

Despite the cordial exchange, Trump said he would be asking "the Crown Prince, who's a fantastic guy, to round it out to around $1tn".

The price of crude fell by 1% following Trump's comments.

According to David Oxley, Chief Climate and Commodities Economist at Capital Economics these comments are in keeping with Trump's desire for lower gasoline prices.

"[It's] his clear intention to use energy as leverage over Russia to end the war in Ukraine. That said, lower oil prices will certainly not incentivise US oil producers to "drill, baby, drill" – particularly in high-cost Alaska."

"Of course, Saudi Arabia would not be guaranteed to heed a request by President Trump to expand oil production and to bring down global oil prices."

The US president's appearance via video at the World Economic Forum marked his first address to a global audience since his inauguration earlier this week.

He used the platform to insist that companies around the world manufacture their products in the US or face bruising tariffs on imported goods entering the American market.

The president also said he would demand an immediate drop in interest rates, which he said had led to deeper deficits and resulted in what he described as economic calamity under the tenure of his predecessor, President Joe Biden.

"This begins with confronting the economic chaos caused by the failed policies of the last administration," he said.

"Over the past four years, our government racked up $8 trillion in wasteful deficit spending and inflicted nation wrecking energy restrictions, crippling regulations and hidden taxes like never before."

Trump also spoke of "good, clean, coal" to power data centres needed for artificial intelligence. "We need double the energy we currently have in the US, for AI to be as big as we want to have it," he said, adding that he would use emergency decrees to speed the construction of new power plants.

"Nothing can destroy coal — not the weather, not a bomb, nothing," said Trump.

Source: https://www.bbc.com/news/articles/c17ewl98kgvo

Yeah? Nigeria should lower crude oil price and earn less dollars to pay off our debt, because, America first! America first!

He is even diplomatic for now, He can say America should drill her own oil, and stop buying therefore reducing demand for crude oil, which invertibly crash the price if OPEC refuses.

budaatum:
Yeah? Nigeria should lower crude oil price and earn less dollars to pay off our debt, because, America first! America first!

budaatum:
Yeah? Nigeria should lower crude oil price and earn less dollars to pay off our debt, because, America first! America first!

How has the high oil price helped you or any Nigerian

SalamRushdie:
How has the high oil price helped you or any Nigerian

You'll find out when oil price is low.

simeonabio:
He is even diplomatic for now, He can say America should drill her own oil, and stop buying therefore reducing demand for crude oil, which invertibly crash the price if OPEC refuses.

America can't profitably drill oil if the price drops beneath a certain level.

And that's apart from.....


https://www.youtube.com/watch?v=veTbuLu7znc?si=RsGRnabyd8PTT3T5

if they eventually slash it,our dear KYARI?DANGER(DANGOTE) and others THIEVES will knack us story

budaatum:
You'll find out when oil price is low.

Nothing will change , inflation will still be double digits, Tinubu will still keep collecting loans , politicians will still keep squandering our National treasure, at least pump price of Petro might reduce if the govt is factual

simeonabio:
He is even diplomatic for now, He can say America should drill her own oil, and stop buying therefore reducing demand for crude oil, which invertibly crash the price if OPEC refuses.

Then he should do that

No effect on Nigeria... politicians will continue getting any money to waste.

simeonabio:
He is even diplomatic for now, He can say America should drill her own oil, and stop buying therefore reducing demand for crude oil, which invertibly crash the price if OPEC refuses.

The cost of drilling and maintaining oil wells is a major problem. If the price of crude oil falls, American oil companies will have less reason to produce locally as there won't be any profit for them. The prices of oil needs to be high for America to increase its oil outputs.

Thanks Trump!

Rising energy prices is one of the critical lightening rod for global inflation.

His policies are always controversial...

He wants U.S oil company to "drill baby drill"

Then wants lower oil prices??

That would make "drill baby drill" a costly process for oil companies.

Moreover, the biggest oil producers, the gulf states, etc. can increase production " only by so much" otherwise, they could crash their economy.

Slash oil prices!!!

That would be the final nail in the coffins of certain corrupt 3rd world nations.

This will benefit their country. But in my country, the fg will allow the oil company to suffocate further

Funny guy.

Mynd44:
The cost of drilling and maintaining oil wells is a major problem. If the price of crude oil falls, American oil companies will have less reason to produce locally as there won't be any profit for them. The prices of oil needs to be high for America to increase its oil outputs.

Continue to give excuse for criminals in power

simeonabio:
He is even diplomatic for now, He can say America should drill her own oil, and stop buying therefore reducing demand for crude oil, which invertibly crash the price if OPEC refuses.

He said so already

Bad for Nigeria that's depending 100% on oil to fund outrageous budget.

budaatum:
You'll find out when oil price is low.

What can be worse than taking FX from N400 to N1700? Nigerians have seen the worst already.

Because na you we come this world for.

While I am a supporter of Trump but he should not delude himself that he is the president of the world, the world has become multipolar now.
Russia has survived 30,000 sanctions and does international trade without dollars, threatening BRICS and OPEC with tariffs can only hurt western economies more

That's a real president.

simeonabio:
He is even diplomatic for now, He can say America should drill her own oil, and stop buying therefore reducing demand for crude oil, which invertibly crash the price if OPEC refuses.

America is the highest producer of oil with over 20m barrels per day

The oil is not Brent crude and most refineries in the world including American refineries cant refine it, that's why America is also the largest importer of oil

Oil price benchmark wey be the backbone of our own budget

E be like say Trump wants Tinubu to swear for am.

Tinubu don put all his thinking for $75 per barrel.... anything short na disaster for 2025 budget performance..

Wahala everywhere

SalamRushdie:
How has the high oil price helped you or any Nigerian

If you think inflation is high try and kill of oil prices

Price of petrol will go down but there will be less dollars in the economy sparking another surge in dollar vs naira which in turn worsens inflation

IamANigerianMan:
Continue to give excuse for criminals in power

How did you give excuse to anybody?

Acidosis:
What can be worse than taking FX from N400 to N1700? Nigerians have seen the worst already.

1700-2700

You have not even seen worse