President Trump states that both Moscow and Kyiv seek to resolve the war in Ukraine, with Putin possibly more inclined towards peace due to a recent drop in oil prices.
00:00Next up, U.S. President Donald Trump says that both Moscow and Kiev want to settle the war in Ukraine.
00:06He says the recent fall in the price of oil may actually incentivize Russian President Vladimir Putin to move the needle.
00:14The price of oil has fallen around 15 U.S. dollars a barrel since the start of the year.
00:19OPEC Plus has announced a significant production boost, even as concerns over excess supply and the impact of Trump's trade war on global demand continue to mount.
00:30On Saturday, eight member countries agreed to raise output by an additional 411,000 barrels per day in June.
00:39Oil and gas revenues are a significant portion of Russia's budget, counting for nearly 30 percent of Russia's budget in January and February,
00:47according to government data cited by Bloomberg.
00:50This makes Russia vulnerable to changes in global oil prices as major drops could put pressure on Russia's finances already faced with increasing military spending.
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