Oil markets have been fully focused on Trump this week.
Uncertainty surrounding Trump’s tariff threats on Canada and Mexico has been the key theme this week, with the oil markets awaiting February 1 to see whether it’s all part of a negotiation tactic or might become a reality. The US President has also called on OPEC to immediately increase oil production to lower oil prices, creating another point of contention between the cartel and the White House as ICE Brent ticked lower to $79 per barrel, OilPrice reported.
This week, Donald Trump has been vocal about his energy policy, particularly focusing on oil. He declared a national energy emergency and has called on OPEC to reduce oil prices. Trump’s comments have contributed to oil prices settling slightly higher on Friday but posting a weekly decline, with Brent down 3.07% and WTI down 4.17%. His administration is reportedly preparing pro-fossil fuel executive orders, including overturning offshore drilling bans and resuming LNG approvals. Additionally, Trump’s push for increased domestic production involves lifting restrictions on drilling and speeding up approvals for energy projects, aiming to maximize U.S. oil output.
Donald Trump delivered a virtual address at the World Economic Forum (WEF) in Davos, Switzerland, in January 2025. Trump focused on promoting U.S. manufacturing, promising low taxes and less regulation for companies that produce within the U.S. He also threatened tariffs on goods not made in America, signaling a continuation of his protectionist policies. He critiqued European regulations for being too stringent on U.S. tech companies and urged the EU to speed up their approval processes for business.
Trump reiterated his stance on energy, emphasizing the U.S.’s vast oil and gas reserves and advocating for their use to make the U.S. a manufacturing superpower. He called for lower oil prices from OPEC to combat inflation and reduce costs globally. This was part of his broader critique of green initiatives, labeling the Green New Deal a “disgrace.” Trump warned of potential tariffs and sanctions, including against allies like Canada and the EU, if they did not align with his trade policies. His remarks indicated a readiness to engage in trade wars, particularly with China, over what he perceives as unfair trade practices.
Trump stated intentions to make the United States the “world capital of artificial intelligence and crypto,” highlighting investments in AI infrastructure. He also spoke about using AI to boost efficiency in government operations. The speech drew mixed reactions. Some at Davos expressed cautious optimism regarding U.S. economic growth under these policies, while others criticized Trump’s approach as potentially damaging to global trade relations and environmental efforts. There were comments on social media mocking Trump for his claims and statements during the speech. Trump’s speech at Davos 2025 was a clear continuation of his “America First” agenda, emphasizing economic nationalism, deregulation, and a push against what he views as restrictive international policies.