On Monday, the President of OPEC comes forward to defend the oil producer group against the statement made by President Donald Trump that recently demanded higher output oil. However, OPEC is not entertaining him and shrug off the blame put on them.
President Trump accused the OPEC – Organization of the Petroleum Exporting Countries – a few days back saying that the prices of gasoline are increased higher and the even urged the group to do more of it.
However, the Suhail al-Mazrouei, the President of Organization of the Petroleum Exporting Countries, "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," told the reporters in an interview in Alberta, Calgary. He added, "I feel OPEC is doing its part."
He bluntly stated that OPEC is willing to listen to any of the major oil-producing countries that include the United States.
In June, OPEC agreed on increasing the overall production of oil that will start from July. This will start after the leaders of Saudi Arabia persuade their arch-rival Iran to cooperate with the new policy. This is then followed by calls from major consumers to the curb that are raising the cost of fuels.
However, this year the global prices of oil increases steadily that is due to the high demand for the oil in the countries. In May, it was recorded that the rate per barrel topped with oil is $80. This is a record if we compare the 3 and half year increase in the oil rate.
Mazrouei who is also serving as an energy minister of the United Arab Emirates (UAE) mentioned that the members of OPEC crude producers are capable enough to handle the unanticipated disruption in the supply. He even added that the main aim of OPEC is to balance out the supply and demand without targeting the cost of the crude. He added, “The UAE alone has 400,000 to 600,000 barrels per day of additional capacity” He even said that he never predicted that he will be calling an extraordinary meeting with the member of OPEC in different countries anywhere before December.
The president of OPEC is in Canada during the annual Calgary Stampede that is said to be the biggest oil industry network party serves as rodeo. On Wednesday, Mozrouei will be speaking to the group of business that will help in promoting the stronger trade between Canada and UAE.