Trump’s decision on Paris agreement can dramatically reduce oil price

Baku. 1 June. REPORT.AZ/ Fulfilling one of the pre-election promises, US President Donald Trump said he will withdraw the United States from the Paris Agreement on climate change. 

Report informs citing the Reuters, said the circles close to US president.

Notably, Trump in pre-election speeches called opinions on global warming as a myth.

In his Twitter page Trump wrote that he will announce his decision on Paris Accord on Thursday”.

Notably, on May 27, in the G7 summit Trump refused to support his colleague’s communiqué on climate change.

Vice-President of the European Commission Maros Sefcovic said that such a decision by US withdrawal will bring frustration. But the European Union will continue the fight against climate change by taking on a leadership role.

Analytical Group of Report informs, US withdrawal from Paris Agreement will lead to an increase in oil production.

As a result, due to the increase in production and high oil supply, oil prices will fall sharply. Such a decision of the US oil can make oil price fall below $ 40/barrel.