Trump can't guarantee oil price collapse, says investment banker

He expressed this opinion on Espreso TV.

"Trump definitely cannot guarantee a collapse in oil prices. And the talk about Saudi Arabia increasing production and oil prices falling has been going on for many years. However, Saudi Arabia doesn't do this because it's not in their interest. So these statements 'I will ask the Arabs to earn less from oil' are quite strange. It won’t work like that," emphasized the investment banker.

In his view, if oil prices do fall, it will be American companies, which currently extract the most oil in the world but also have the highest production costs, that will be hit the hardest. For American oil companies, a price drop is a bad story. It's important to note that these companies are close to Donald Trump.

"If any actions are to be taken against Russia in this regard, they should be focused not on price drops, but on physically removing Russian oil from the market, so that it’s no longer there. And in the short term, Saudi oil could replace Russian oil, or in the long term, American oil," concluded Serhiy Fursa.

• On January 23, U.S. President Donald Trump announced that he would ask Saudi Arabia and OPEC to reduce oil prices. In his opinion, Russia's war against Ukraine would then end.