Trump essentially walked away from the Russia-Ukraine war yesterday, leaving it to Putin, Zelensky, and the Pope to solve, Bjarne Schieldrop, Chief Commodities Analyst at Skandinaviska Enskilda Banken AB (SEB), said in an oil report sent to Rigzone by the SEB team today.
“The U.S. is placing no visible pressure on Russia to force it towards a resolution as far as we can see,” Schieldrop said in the report, adding that “Trump is talking nicely about Putin while describing Zelensky as difficult”.
“What this means for the oil price is rather foggy of course, but an easing of U.S. sanctions towards Russia and an end of weapons to Ukraine from the U.S. could be met by a ‘thank you’ from Putin in the form of more oil and a lower oil price,” Schieldrop noted in the report.
“Trump wants a lower oil price and he wants to do loads of business with Russia. Putin wants Ukraine more than anything. And lifting of U.S. sanctions and a ramping up of business between Russia and the U.S. is naturally of very high value for Putin,” he continued.
“This sounds like a deal made in heaven. If the Pope will bless it remains to be seen,” Schieldrop went on to state.
In the report, the SEB analyst noted that an immediate resolution of the Russia-Ukraine war looks unlikely.
“While it could lead to more oil from Russia into the market, it is out in time and uncertain as Russia is still bound by its obligation to OPEC+,” Schieldrop stated in the report.
Rigzone has contacted the White House, the Department of Information and Press of the Russian Ministry of Foreign Affairs, the Press Office of the Ministry of Foreign Affairs of Ukraine, and the Holy See Press Office for comment on Schieldrop’s statements. At the time of writing, none of the above have responded to Rigzone.
In a statement posted on his Truth Social page on Monday, U.S. President Donald Trump said, “just completed my two hour call with President Vladimir Putin of Russia,” adding, “I believe it went very well”.
“Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War. The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of,” Trump went on to state in the post.
“The Vatican, as represented by the Pope, has stated that it would be very interested in hosting the negotiations. Let the process begin!,” Trump continued.
A post on the Ministry of Foreign Affairs of Russia’s official X page on Monday highlighted that, following a phone conversation with Trump, President of Russia Vladimir Putin made a statement to the press, in which he said, “Russia supports a peaceful settlement of the Ukraine crisis. We need to identify the most effective ways towards achieving peace”.
In a statement posted on his X page on Monday, President of Ukraine Volodymyr Zelensky said, “this is a defining moment. The world can now see whether its leaders are truly capable of securing a ceasefire and achieving real, lasting peace”.
“The negotiation process must involve both American and European representatives at the appropriate level. It is crucial for all of us that the United States does not distance itself from the talks,” he added.
A statement posted on Pope Leo XIV’s X page on Monday said, “if we Christians and members of other religious traditions stand together, free from ideological and political conditioning, we can be effective in saying “no” to war and “yes” to peace”.
To contact the author, email andreas.exarheas@rigzone.com
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