Trump says drop in energy prices will prompt Putin to ‘stop killing people’
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US President Donald Trump said the drop in energy prices was due to increased production, and he expected further declines.
PHOTO: REUTERS
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WASHINGTON – US President Donald Trump on Aug 5 said declining energy prices could pressure Russian President Vladimir Putin to halt the war in Ukraine.
“If energy goes down enough, Putin is going to stop killing people,” Mr Trump said in an interview on CNBC.
“If you get energy down, another US$10 a barrel, he’s going to have no choice because his economy stinks.”
Mr Trump last week set a deadline for Aug 8 for Mr Putin to move to end the war in Ukraine or face tougher US sanctions. His administration has also been pressuring India and China to stop buying Russian oil.
Mr Trump told CNBC that the drop in energy prices was due to increased production, including by the Opec countries and others, and he expected further declines.
“If you notice Opec and Opec+, they’re drilling more because I think they want me happy,” he said.
Opec+ agreed on Aug 3 to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.
The move marks a full and early reversal of Opec+’s largest tranche of output cuts plus a separate increase in output by the United Arab Emirates amounting to about 2.5 million barrels per day, or about 2.4 per cent of world demand.
Eight Opec+ members held a brief virtual meeting, amid increasing US pressure on India to halt Russian oil purchases – part of Washington’s efforts to bring Moscow to the negotiating table for a peace deal with Ukraine.
The International Monetary Fund last week slashed its forecast for Russian economic growth to 0.9 per cent for 2025, from its previous forecast in April of 1.5 per cent growth. REUTERS
