Trump seeks to collapse oil prices and deprive Putin of resources to fund his war; Saudi Arabia and Russia have responded.

Saudi Arabia’s Minister of Economy and Planning, Faisal Alibrahim, in response to US President Donald Trump’s call to reduce oil prices, noted that his country is focused on the oil market’s long-term stability, so he is not yet ready to discuss the issue of lowering prices.

Meanwhile, the US plans to sharply increase its oil supplies to the global market as it attempts to lower the price to $40 per barrel, or even lower, if Putin does not agree to a peace deal with Ukraine.

Robert Wilkie, head of Trump’s transition team, stressed: “The US presence on the world oil market will lower the price – and this will bankrupt the Russian economy. This will put incredible pressure on Putin’s military economy.”

The ISW believes that Putin fears the consequences of falling oil prices, rather than considering Trump’s threats a bluff.

“Putin’s attempt to present lower oil prices as contrary to US interests suggests that Putin fears the damage such a policy would cause to Russia and is trying to convince Trump to reject these proposals,” analysts note.