U.S. President Donald Trump has once again called on OPEC to increase oil production to lower prices. Speaking at the World Economic Forum in Davos, he criticised the oil cartel for not addressing price hikes before the U.S. elections in November 2024.
“You gotta bring down the oil price,” Trump said. “That will end that war. You could end that war.”
He believes that cheaper oil could help resolve the Ukraine conflict, but OPEC does not agree. The group remains focused on controlling oil supply to keep prices stable rather than reacting to political demands.
Why OPEC Won’t Listen to Trump
Despite Trump’s friendship with Saudi Crown Prince Mohammed bin Salman, OPEC has its own priorities. Saudi Arabia is focusing on its Vision 2030 economic plan, which depends on higher oil prices, not lower ones.
At the same time, U.S. oil producers prefer prices to stay high. Lower prices may benefit consumers but would hurt American drilling companies, which rely on profitable margins to continue production.
Amena Bakr, a top OPEC analyst, has explained that OPEC will not increase supply just because Trump asks. Instead, it will continue working with Russia and other oil-producing nations to manage global supply.
“OPEC is focused on market control, not political games,” Bakr said. “Keeping Russia in the alliance gives it more power over global oil prices.”
OPEC Tightens Control Over Oil Data
OPEC has also removed the U.S. Energy Information Administration (EIA) from its list of trusted sources for tracking oil production. Some experts believe this move is a sign of growing tensions between the U.S. and OPEC.
A former OPEC official told the Financial Times that OPEC no longer sees the EIA as a neutral source. Instead, it is now relying on independent energy analysts like Kpler, OilX, and ESAI to verify production figures.
What’s Next for Oil Prices?
The future of oil prices remains uncertain. If OPEC sticks to its current strategy, prices may stay high despite Trump’s demands. However, if geopolitical tensions or market pressures increase, OPEC may adjust production levels to maintain stability.
For now, oil-producing countries will continue watching global trends, while consumers and businesses brace for possible price changes in the coming weeks.