Do not blame OPEC, a group of oil producers says of Trump's criticism

CALGARY, Alta. (Reuters) – The OPEC president on Monday defended the oil producers group against US President Donald Trump's recent demands for higher oil production, saying that OPEC is not responsible.

blame for all the problems that occur in the oil industry, but at the same time we react to the steps we took at our last meeting in June, "Reuters told Reuters Organization of Petroleum Exporting Countries, Suhail al-Mazrouei, an interview in Calgary, Alberta

Trump has accused OPEC in recent weeks of driving up gas prices and has heightened pressure on Saudi Arabia, an ally of the United States, to increase supplies to offset the decline in Iranian exports.

Washington warned that it would impose sanctions on foreign companies that make business with l & # 39; Iran, with the aim of reducing Iranian exports of crude oil and condensates to zero by more than 2 million barrels a day.

Mazrouei said that OPEC was ready to listen to major oil-producing countries, including the United States.

OPEC accepted in June a modest increase in oil production from July after its leader, Saudi Arabia, persuaded Iran to cooperate, following calls from major oil companies. to curb rising fuel prices.

World oil prices lCOc1 rose steadily this year, aided by rising demand, and reached $ 80 a barrel in May for the first time in three and a half years.

Mazrouei, who is also Energy Minister of the United Arab Emirates, said that OPEC crude oil producers had sufficient capacity to deal with any unforeseen disruptions in the oil industry. global supply. OPEC seeks a balance between supply and demand, not targeting a crude price, he said.

The UAE alone has 400,000 to 600,000 barrels per day of additional capacity, he added.

Mazrouei said that he did not expect to need to convene an extraordinary meeting of OPEC member countries before a meeting scheduled for December.

The President of OPEC is in Canada at its annual Calgary Stampede, a rodeo that serves as the largest networking party of the year's petroleum industry. Mazrouei is due to speak Wednesday to a business group that promotes stronger trade links between Canada and the UAE.