RoydadNaft –  The price of Brent crude oil fell by 65 cents, or 0.83%, to $77.85 per barrel on Monday.

Citing Reuters, oil prices declined after former U.S. President Donald Trump urged OPEC to lower oil prices. West Texas Intermediate (WTI) crude also dropped by 66 cents, or 0.88%, to $74 per barrel.

On Friday, Trump called on the Organization of the Petroleum Exporting Countries (OPEC) to cut oil prices, aiming to reduce Russia’s financial resources and bring an end to the war in Ukraine. Trump stated, One way to stop the war quickly is for OPEC to stop making so much money and lower oil prices.

Russian President Vladimir Putin announced on Friday his intention to meet with Trump to discuss the war in Ukraine and energy prices. Putin remarked that oil markets are likely to decline due to Trump policies aimed at boosting U.S. oil production. Trump is seeking international markets for American oil.

OPEC and its allies, including Russia, have yet to respond to Trump’s request. However, OPEC+ representatives are scheduled to increase production starting in April.

Easing concerns over sanctions on Russian oil have caused both oil benchmarks to experience their first price drop in five weeks.

Meanwhile, the United States has abandoned its plans to impose sanctions and tariffs on Colombia. The South American country has agreed to accept deported migrants from the U.S. Sanctions on Colombia could have disrupted oil supplies, as the country exported approximately 41% of its offshore crude oil to the U.S. last year.