WTI Oil Prices Plunge Below $75 as Trump Calls on OPEC to Lower Costs
In a dramatic turn of events, Donald Trump, the leader of the United States, has sent shockwaves thru the global oil market. WTI crude oil prices plummeted more than 1%, breaking below $75 a barrel, following Trump’s announcement that he would demand Saudi Arabia and the group of oil exporting countries (OPEC) to reduce oil prices.
At 11:48 p.m. Thai time, the price of West texas Intermediate (WTI) crude for March delivery dropped by $0.81, or 1.07%, to $74.63 per barrel. This decline comes as Trump, speaking via video link at the World Economic Forum (WEF) in Davos, Switzerland, declared, “I will call on Saudi Arabia and OPEC to lower oil prices.”
The announcement aligns with Trump’s broader energy strategy, which includes declaring a national energy emergency to boost domestic oil production. This move aims to increase oil drilling, lay pipelines, and set up refineries across the United States.
Trump’s energy policies are not new. During his campaign for the presidential election in August last year, he vowed to declare a national energy emergency on his first day in office. His goal? To slash American gasoline and electricity prices by half within his first year as president.
Key Developments in the Oil Market
| event | Impact |
|————————————|—————————————————————————|
| Trump’s call to OPEC | Immediate 1% drop in WTI crude prices, breaking below $75 per barrel |
| National energy emergency declared | Increased domestic oil drilling, pipeline construction, and refinery setup|
| Campaign promise fulfillment | Aim to halve gasoline and electricity prices within a year |
The global oil market remains on edge as Trump’s policies continue to shape the energy landscape.With his focus on reducing reliance on foreign oil and boosting domestic production, the ripple effects are being felt worldwide.
As the situation unfolds, stakeholders in the energy sector are closely monitoring how OPEC and saudi arabia will respond to Trump’s demands. Will they comply, or will this lead to further market volatility? Only time will tell.
For now, the immediate impact is clear: oil prices are under pressure, and the global energy market is bracing for more changes ahead.
