Nigerian Government Blame President Trump For Slump In Oil Prices

Nigerian Petroleum Agency NMDPRA Blames Donald Trump For Slump In Oil Prices Due To ‘Erratic, Inconsistent Tariff Policies’

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has accused the United States President, Donald Trump’s administration of erratic and inconsistent tariff policies.

He also alleged that policies put in place by former U.S. President Donald Trump are responsible for the recent slump in global crude oil prices.

Ahmed shared his thoughts at the Presidential Villa, Abuja, during a press conference on Tuesday.

He opined that Trump’s protectionist trade and tariff policies were fuelling uncertainty in international oil markets, driving volatility, and dampening investor confidence.

He said, “The global oil market today is reacting sharply to the erratic tariffing policies of the American government. These tariffs are not only aimed at China but are sweeping across multiple countries and regions. They are unsettling the balance of demand and supply, particularly in the energy sector.

“The problem is not just the tariffs. It’s the inconsistency. One day, a major policy is announced; the next, it is reversed or escalated. This kind of back-and-forth has made it almost impossible for investors to make long-term plans.”

“There is clearly a policy direction from the U.S. President to push crude oil prices down. Part of that includes encouraging massive domestic exploration and placing pressure on international suppliers through tariffs and trade negotiations.”

Crude oil prices have continued to record a steep fall, a development blamed on the United States’ tariff policies.