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OPEC says it's doing best to supply market but won't overdo it

10 July 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.

Zanganeh added that Iran had already devised a plan to counter Trump's threats, and that the plan was working successfully.

Surging prices led Trump to take to Twitter on July 4, accusing OPEC of "doing little to help" and urging the group to "REDUCE PRICING NOW!"

Zanganeh said that exerting pressure as such was against the principles of the Organization of the Petroleum Exporting Countries (OPEC) in which both Saudi Arabia and Iran are founding members.

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.

There have been reports that Saudi Arabia has boosted its oil production by nearly half a million bpd in June, and the UAE has spare capacity of between 400,000 and 600,000 bpd, Al-Mazrouei said, adding that OPEC as a whole has enough spare capacity to offset any shortage.

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

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.

OPEC says it's doing best to supply market but won't overdo it