Saudi Arabia and OPEC's focus is on ensuring long-term market stability to meet growing demand, including from the U.S. and the rise of artificial intelligence, Saudi Minister Alibrahim said. Read also: Saudi summit helped isolate Russia,

Oil fell 1% on Thursday after U.S. President Donald Trump urged Saudi Arabia and OPEC to bring down its cost during his address at the World Economic Forum.

Crude futures are headed for weekly declines after U.S. President Trump outlined plans to boost domestic production and said he would ask Saudi Arabia and OPEC to lower oil prices. Brent crude and WTI both rose 0.

President Donald Trump threatened business leaders with higher tariffs, vowed to “demand” decreased oil prices from Opec and called for lower interest rates from central banks in a boast-filled address to the World Economic Forum in Davos, Switzerland.

The president says he wants Opec and Saudi Arabia to bring down the price of oil which he says is fuelling the Russia-Ukraine war.

U.S. President Donald Trump on Thursday proved that words can be just as powerful as actions — at least temporarily — after his promise to ask the Saudis and OPEC to lower the cost of oil led to a downturn in crude prices.

"You've got to bring down the oil price, you've got to end that war. They should have done it long ago," President Donald Trump said.

During a speech to the World Economic Forum on Thursday, President Donald Trump pressured the Saudi Crown Prince to increase his planned $600 billion investment in the U.S. "to a round $1 trillion" and to lower the global price of oil.

The president's remarks follow an announcement by Saudi Arabia's Crown Prince that the kingdom will invest $600 billion in the US.

Donald Trump’s eventful first week in the White House has left the tanker market reading the tea leaves. The US president’s return to office was marked by a flurry of executive orders and bluster on global affairs, but was short on the sort of concrete action taken as predecessor Joe Biden wound down his administration.

Oil prices started the week lower after Trump called on OPEC to increase production and potentially lower prices to help end the war in Ukraine.