Saudi Arabia responded to Trump’s proposal to lower the price of oil to end the war in Ukraine

Saudi Arabia has stated its readiness to meet the growing demand for oil, but its key priority remains the long-term stability of the market. This was announced by the Minister of Economy of Saudi Arabia, Faisal Alibrahim, notes Reuters.

When asked about a possible drop in oil prices, the Saudi Arabian economy minister noted that Riyadh is focused on stabilizing the market in the long term. According to him, the position of Saudi Arabia and OPEC is aimed at ensuring a stable and sufficient supply of oil to meet the growing demand, particularly from the US and emerging industries such as artificial intelligence.

It will be recalled that on January 23, during his video speech at the World Economic Forum in Davos, US President Donald Trump expressed his intention to appeal to Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) with a request to lower oil prices. According to Trump, this could contribute to a quick end to the war waged by Russia against Ukraine.

After Trump’s statement, oil prices fell, but the next day they partially recovered, Reuters reports. This shows that the oil market remains sensitive to geopolitical and economic statements and decisions of leading countries.

Consequently, Saudi Arabia, as one of the key players in the global oil market, continues to maintain a balance between supply and demand, prioritizing stability over short-term solutions.