Trump says drop in energy prices will prompt Putin to ‘stop killing people’

Trump last week set a deadline for August 8 for Putin to move to end the war in Ukraine or face tougher US sanctions. His administration has also been pressuring India and China to stop buying Russian oil.

Trump told CNBC that the drop in energy prices was due to increased production, including by the OPEC countries and others, and he expected further declines.”

If you notice OPEC and OPEC+, they’re drilling more because I think they want me happy,” he said.

OPEC+ agreed on Sundayto raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia.

The move marks a full and early reversal of OPEC+’s largest tranche of output cuts plus a separate increase in output for the United Arab Emirates amounting to about 2.5 million bpd, or about 2.4% of world demand.

Eight OPEC+ members held a brief virtual meeting, amid increasing U.S. pressure on India to halt Russian oil purchases – part of Washington’s efforts to bring Moscow to the negotiating table for a peace deal with Ukraine.

The International Monetary Fund last week slashed its forecast for Russian economic growth to 0.9% for this year, from its previous forecast in April of 1.5% growth.