Trump's oil strategy: Pressure on Russia's economy intensifies
Donald Trump's presidential advisor threatens to flood the world with cheap oil, which would lead to "bankrupt the Russian economy." "That is going to put an incredible stain on Putin’s wartime economy," said Robert Wilkie in an interview with the BBC.
The new American administration intends to significantly increase pressure on the key Russian economic energy sector, which brings in more than half of all export revenues to the country.
Threats to flood the world with cheap oil
Robert Wilkie, the head of Donald Trump's transition team, said that if Vladimir Putin did not agree to a deal on Ukraine, the United States would drastically increase oil supplies to the world market and reduce its price to $40 per barrel or less.
As Wilkie explains, the increased presence of the US in the global oil market will cause prices to drop, potentially leading to the bankruptcy of the Russian economy. "That is going to put an incredible stain on Putin’s wartime economy," he warned. He also announced an increase in American liquefied natural gas supplies to Europe, where it already occupies 70 percent of the market, and in some countries, such as Germany, around 90 percent.
Trump intends to drill
During the election campaign, Trump announced a large-scale expansion of oil and gas extraction in the United States. He promised that oil production in the country would increase by 15 percent, or 3 million barrels per day, which would fully cover the current export of Russian oil by tankers.
On Wednesday, Donald Trump called on Russian President Vladimir Putin to end the war in Ukraine. He warned that if an agreement is not reached quickly, he would have no choice but to impose high taxes, tariffs, and sanctions on everything Russia sells to the United States and other cooperating countries.
