Official statements from governments or credible news sources

Trump Presses OPEC to Lower Oil Prices, Demands Immediate Rate Cuts to End Ukraine War

Jan 24, 2025, 11:00 AM

US President Donald Trump, speaking remotely at the World Economic Forum in Davos, Switzerland, announced that he will ask Saudi Arabia and OPEC to lower oil prices, asserting, 'You have to bring it down, which frankly, I was surprised they didn't do before the election.' He stated that a reduction could end the war in Ukraine immediately, suggesting that high oil prices are prolonging the conflict by funding Russia's war efforts. Additionally, the President said he will demand that interest rates be cut immediately and expects the Federal Reserve to comply. When asked if he expects the Fed to listen to him, Trump responded, 'Yeah.' He criticized Fed Chair Jerome Powell, implying he understands interest rates better than Federal Reserve officials. Trump emphasized that lower oil prices and reduced interest rates would benefit the global economy.