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The president of the Organization of Petroleum Exporting Countries (OPEC), Suhail al-Mazroui, has defended the organization in the face of recent demands by US President Donald Trump to increase oil production, saying that OPEC should not be held responsible.
"[Al-Mazrouei] told Reuters in an interview:" The OPEC can not be held solely responsible for all the problems in the oil sector, but at the same time we react to the measures we have taken . At our previous meeting at Yun "I think Opec is doing its part," he said, referring to a decision to increase production.
He stated that the organization was ready to listen to the major oil producing countries, including the United States. A modest increase in crude output from July after Saudi Arabia, its largest producer, persuaded Iran to cooperate with major consumers to counter rising fuel prices (19459014) . , For the first time in three and a half years.
Al Mazrouei, who runs, says the UAE's energy minister said OPEC members have enough capacity to deal with sudden shocks in global supplies.
He stated that the organization was seeking a balance between supply and demand. With an additional production capacity of between 400,000 and 600,000 barrels per day.
He stated that he did not expect that it would be necessary to convene an extraordinary meeting of OPEC members before his scheduled meeting in December. (Reuters)
Oil surpbades $ 79 a barrel
Oil prices climbed more than a dollar a barrel yesterday as global supply disrupted
closing down Oil field by hundreds of workers. Libya has seen its production fall by more than half in recent months.
Delays reinforce sourcing concerns around the world
Venezuela's production collapsed for lack of investment and Iranian exports are facing difficulties. Meanwhile, Opec's excess capacity to fill the gap is limited by the acceleration of crude oil demand.
At approximately 09:15 GMT on Monday, Brent crude oil futures advanced $ 1.13, or 1.4%. $ 79.20 a barrel after the price rose 1.2 percent last Monday. US light crude futures increased by 53 cents or 0.7% to $ 74.38.
Mitsubishi UFJ said growing concerns over supplies could push Brent to over $ 85 a barrel. And the gas in Norway strikes today, having rejected a draft wage agreement that has resulted in the closure of an oil field operated by Shell.
This could exacerbate the impact of disruptions in other oil-producing countries in the Middle East. National Oil Corporation of Libya The country's crude output has fallen to 527,000 barrels per day, compared with 1.28 million barrels recorded daily in February, after the oil ports closed recently. The US says it wants to cut exports from Iran, the world's fifth largest producer, to zero in November, forcing other big producers to pump more.
Saudi Arabia and other members of OPEC and independent allies, including Russia, agreed last month to reduce price increases and compensate for under-production in the countries including Libya.
If Saudi Arabia offsets the loss of Iranian production, it is worried about global energy overhang and will make markets more vulnerable to a further decline in production or a decline in production. unexpected stop. (Tokyo, London – Reuters)
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