Crude oil futures fell on Thursday after President Donald Trump said he will ask Saudi Arabia and OPEC to reduce prices.
U.S. crude oil fell 63 cents, or 0.84%, to $74.81 per barrel, while global benchmark Brent dropped 55 cents, or 0.70%, to $78.45 per barrel. Oil was higher on the session before Trump began speaking.
Trump claimed the Saudis and OPEC were responsible for fueling the war in Ukraine through higher oil prices. He said the war would end if they slashed crude prices.
“I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” Trump said in an address to the World Economic Forum. “If the price came down, the Russia-Ukraine war would end immediately.”
“They’re very responsible, actually, to a certain extent, for what’s taking place,” Trump said of the Saudis and OPEC. “Millions of lives are being lost.”
Saudi Arabia, Russia and six other members of OPEC+ have been holding 2.2 million barrels per day off the global market to keep prices from falling too much. The group decided in December to extend those production cuts through at least March 2025 before phasing them out over the course of a year.
OPEC is under pressure as abundant oil production in the U.S. and slowing demand in China weighs on prices.
