OPEC defends itself against Trump's plan
CALGARY, Alberta - The president of OPEC defended the oil producer group on Monday against US President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.
"OPEC alone cannot be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June," Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta.
"I feel OPEC is doing its part."
Trump has accused OPEC in recent weeks of driving gasoline prices higher and stepped up pressure on US ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.
Mazrouei said OPEC was willing to listen to major oil-producing countries, including the US.
OPEC agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded Iran to cooperate, following calls from major consumers to curb rising fuel costs.
Mazrouei, who also serves as energy minister of the United Arab Emirates, said OPEC crude producers had enough capacity to handle any unforeseen global supply disruptions. OPEC is seeking a balance between supply and demand, not targeting a crude price, he said.
Mazrouei said he did not anticipate needing to call any extraordinary meeting of the members before a scheduled meeting in December.
Reuters
(China Daily 07/11/2018 page11)
