Do not blame OPEC, oil producer group says of Trump criticism

Postado Julho 10, 2018

"OPEC alone can not 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.

Trump has accused OPEC in recent weeks of driving gasoline prices higher and stepped up pressure on USA ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.

OPEC (Organisation of the Petroleum Exporting Countries) and its allies are doing what they can to offset crude output shortfalls that have kept global supplies tight and prices high, but they don't want to overdo it.

He added that OPEC principles would never allow political pressures to change the directions of the market.

"It's unfair to say that OPEC is not doing its part", Al-Mazrouei said, referring to President Donald Trump's Twitter tirade against the cartel for not doing enough to rebalance the market. This is already seen as part of a political campaign by the United States to pressure the kingdom to ramp up oil production quickly to make up for the loss of Iranian barrels which the Trump administration has threatened to bring down to zero.

Trump's order to oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market", he said.

Zanganeh added the U.S. president's order is an insult to the national sovereignty of these independent governments and nations.