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Bloomberg News.
The bloc president ensures that they respect the commitment to increase production, but warns that this step must be done with caution to avoid repeating the 2014 crisis.
Suhail Al Mazrouei, UAE Minister of Energy and President of OPEC Bloomberg
OPEC and its allies are doing their utmost to make up for the oil production deficit that keeps limited global supply and high prices, but he does not want to overstate.
This is the message conveyed by the United Arab Emirates Energy Minister, Suhail Al Mazrouei, when he answered a question on the exhortation of US President Donald Trump to work harder. He said that it is important not to bring the market back to the kind of oversupply that caused the recent fall.
Read also: Will the price of oil go down? All seems to indicate that no "It is unfair to say that OPEC is not doing its part," said Al Mazrouei, who also holds the position of OPEC President, in a television interview with Bloomberg. "There are things out of our reach: the geopolitics and the amount of production from oil shale and tar sands."
Oil futures are trading at record highs for the past three years because of interruptions in Canada and Libya The withdrawal of Venezuela and the call of the United States for the Allies to stop buying from Iran have eclipsed the commitment of the United States. 39, OPEC and its allies add a million barrels a day.The rise in prices led Trump to use Twitter on July 4, where he accused OPEC of "doing little to help" and urged the group to "DOWNLOAD THE PRICES NOW!"
The Monopoly OPEC I have to remember that gasoline prices are rising and that they do little to help. If anything, they raise prices higher than the United States defends many of their members for very little dollars. It must be a two-way street. REDUCE PRICES NOW!
– Donald J. Trump (@ realDonaldTrump) July 4, 2018
The next day, the Saudi state producer lowered the August price for most oil grades in Asia and Europe and it reduced them for all grades destined to the states -United. The Kingdom would also have increased daily output by about half a million barrels in June.
Read also: Growing discomfort caused by the proposal to privatize Ecopetrol
"We should only give it time to enter the market," says Al Mazrouei. at the additional offer. "When a major consumer country speaks, we listen: we listen to the United States, we listen to China, we listen to India."
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