Crude oil futures fall as Trump urges Saudi Arabia to lower prices, potentially increasing output. Impact on global growth and U.S.

The president says he wants Opec and Saudi Arabia to bring down the price of oil which he says is fuelling the Russia-Ukraine war.

He is scheduled to join a dialogue with WEF founder Klaus Schwab and WEF President and CEO Borge Brende via a live video link.

The president's remarks follow an announcement by Saudi Arabia's Crown Prince that the kingdom will invest $600 billion in the US.

Trump said he planned to ask the oil cartel to lower prices, which he said would lead to a swift end to Russia's war in Ukraine.

During a speech to the World Economic Forum on Thursday, President Donald Trump pressured the Saudi Crown Prince to increase his planned $600 billion investment in the U.S. "to a round $1 trillion" and to lower the global price of oil.

OPEC's share in India's crude oil imports edged up in 2024, rising for the first time in nine years, while top supplier Russia's share remained steady, data obtained from trade sources showed.

Speaking remotely to the World Economic Forum annual meeting in Davos, Switzerland, President Donald Trump said he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries, or OPEC,

On January 23, the Saudi State news agency said the kingdom wants to put $600 billion into expanded investment and trade with the US over the next four years

Oil prices were little changed on Friday but headed for a weekly decline after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices. Brent crude futures were up 6 cents at $78.

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