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Oil price key to peace in Ukraine? Trump with an interesting proposal to end the war

Oil price key to peace in Ukraine? Trump with an interesting proposal to end the war

Addressing the World Economic Forum, the US president vowed to put pressure on OPEC, claiming that a drop in oil prices would end Russian aggression in Ukraine.

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, Trump said he would ask the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices, saying this would end Russian aggression in Ukraine "immediately."


"Right now the price is high enough that that war is going to continue, you have to bring down the price of oil and end the war," Trump said.

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, writes € news, the Telegraph reports.

Trump reportedly 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 recently 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."

But the credibility of Trump's strategy is unclear.

Otherwise, Russia has faced a series of US and European sanctions since the beginning of Russian aggression in Ukraine almost three years ago.

Oil had been Russia's largest export to the US, but this 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, the US president is proposing to order a new wave of US drilling for domestic oil and gas, which could also lower global prices and put pressure on Russia.

Volodymyr Zelensky 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. Europe should work more with America and other partners in the world, not with Russia, regarding energy resources," he added.

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. /Telegraph/

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