And suddenly, he appeared on the giant screen. In front of an audience of bosses, gathered at the World Economic Forum in Davos in Switzerland, American President Donald Trump asked this Thursday Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to “lower the cost of oil “.
“I am frankly surprised that they did not do it before the election. Not doing so was not really a proof of love,” he insisted. A few minutes after his intervention, the prices of black gold instantly reacted downward.
Up slightly before this declaration, around 5:45 p.m. in Paris, the price of a barrel of Brent from the North Sea, for delivery in March, lost 0.87% to reach $78.31. Its American equivalent, a barrel of West Texas Intermediate, for delivery the same month, fell 1.07% to $74.63.
“Prudent” operators since his inauguration
To boost prices, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) has been organizing a supply shortage strategy since the end of 2022. The cartel currently has untapped production capacity of nearly six million barrels per day.
These are the barrels that the American president would like to see return to the market in order to drastically reduce energy prices. Donald Trump hopes to fight inflation and increase the purchasing power of Americans.
-For several days, the uncertainty linked to the announcements…
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