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Expert explains: Why, despite Trump’s promises, isn’t oil getting cheaper?

Эксперт объясняет: почему, несмотря на обещания Трампа, нефть не дешевеет?

Yesterday Incoming President of the US President Donald Trump promised to increase production of oil and gas, to reduce prices, but the correction in the market is still significant. This is related to the uncertainty about the

specific steps Trump intends to take. Illustrative photo. Illustrative photo. Photo: IMAGO/CFOTO

Yesterday the inaugurated President of the US President Donald Trump promised to increase production of oil and gas, to reduce prices, but the correction in the market is so far

significant. This is related to the uncertainty about the specific steps Trump intends to take.

According to the head of the pricing of motor fuels of Circle K Indrek Sassi, Trump has made a number of promises that could help to reduce prices. These include: increased production of fossil fuels, replenishment of strategic reserves of oil and gas of the US and the introduction of new commodities into the world market. But the participants in the world market are cautious, and tuesday the price for crude oil dropped only a few percentages.

“Trump signed orders to withdraw from the Paris Climate agreement and develop production of oil and gas in Alaska. which could lead to increased volumes in the market. He also revoked the decree of previous President Joe Biden, stating that by 2030 year half of new vehicles in the U.S. should be electric, and froze the fund for the development of charging stations, which has until now been funded to develop charging stationsremained unused. These steps change the current course of climate policy of the US and will in the long-term future will affect world fuel prices, Sassi explained.

The market’s fears are related to that Trump’s position on Trump’s relationship to Russia is unknown. It is possible that the sanctions will be tightened and softened . In addition, his expected reaction to the Iranian issue and the possible imposition of new harder sanctions.

The increase in prices is also affected by strong growth in industrial production in China in December and higher-than-expected GDP in 2024 year.

“An additional factor in the rise in prices was the last sanctions of Joe Biden, targeting Russian oil and the shadow fleet, which carried 1.6 million barrels of crude oil and 200 thousand barrels of oil products per day. According to media reports, the biggest importers of Russian oil, China and India, refused to deliver from sanctioned ships and requested from Saudi Arabia an additional 750 thousand barrels of oil per day, “,  added Sassi.

Sassi notedthatinthenextweeksitwillbeclearwhattheaveragelevelofthepriceforfuelthiswinter.

“The positivenewsforconsumers,along withTrump’spromises,isthata trucebetweenHamasandIsraelhasbecomeenforceableintheMiddle East.AlsoHusitianrebelshaveannouncedthestoppageofattacksonshipsintheRedSea,

he added.

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