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Don't Blame OPEC, Oil Producer Group says of Trump Criticism


Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, June 22, 2018.
Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, June 22, 2018.

The president of OPEC on Monday defended the oil producer group against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.

Trump has accused the Organization of the Petroleum Exporting Countries in recent weeks of driving gasoline prices higher and urged the group to do more.

"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.

OPEC agreed in June on a modest increase in oil production starting in July after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

Mazrouei said OPEC member crude producers have enough capacity to handle any unforeseen global supply disruptions.

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    Reuters

    Reuters is a news agency founded in 1851 and owned by the Thomson Reuters Corporation based in Toronto, Canada. One of the world's largest wire services, it provides financial news as well as international coverage in over 16 languages to more than 1000 newspapers and 750 broadcasters around the globe.

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