OPEC calls for caution in increasing oil production

The Organization of the Petroleum Exporting Countries (OPEC) and its allies are doing their utmost to make up for the shortfall in crude oil production which keeps the world supply tight and prices high, but do not want to exaggerate.

Such was the message conveyed by Suhail Al Mazrouei Energy Minister of the United Arab Emirates, responding to the exhortation of President Donald Trump to do work the group harder.

The minister stressed that it is important not to bring the market back to the type of oversupply that caused the recent fall.

"It's unfair to say that OPEC is not doing its part," said Al Mazrouei, who also holds the position of OPEC President, in a TV interview with Bloomberg BNN in Calgary , Canada.

"There are things out of our reach: geopolitics, as well as the amount of Canadian shale and tar sands production," he said.

Oil futures are trading at their highest level in three years, at a time when interruptions in Canada and Libya were accompanied by declining production in Venezuela and Canada. a request from the United States to stop their purchases. Iran has eclipsed the group's commitment to add 1 million barrels a day.

Rising prices led Trump to use his Twitter account on Wednesday, July 4 to accuse OPEC of "doing little to help" and urged the group to "Lower Prices Now!"

The next day, the Saudi Arabian state producer lowered the price of August for most of the raw grades in Asia and Europe and reduced them to all grades destined for the United States.

The Saudis also reportedly increased their daily production by about half a million barrels in June.

"We only have to give it time to enter the market," said Mr. Al Mazrouei, referring to 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," he said.