Saudi Arabia’s oil minister rebuffed President Donald Trump’s recent accusations that will OPEC is usually pushing crude prices higher, speaking to journalists at the Joint Ministerial Monitoring Committee (JMMC) in Algiers on Sunday.
Asked by CNBC’s Steve Sedgwick about the U.S. president’s remarks, Saudi oil minister Khalid al Falih replied, “that will is usually of course not true, we have been looking at more important aspects which is usually adequacy of supply. I think member countries over the last three months since June have responded in a very not bad way in addition to have opened the taps in addition to provided a lot of supply to offset decreases in Iran, decreases in Venezuela, decreases in Mexico, in addition to markets are quite balanced today. There is usually plenty of supply to meet any customer that will needs the idea.”
Trump on Thursday tweeted, “We protect the countries of the Middle East, they could not be safe for very long without us, in addition to yet they continue to push for higher in addition to higher oil prices! We will remember. The OPEC monopoly must get prices down today!”
Brent crude is usually trading at just under $80 a barrel, with many analysts predicting prices will go higher, thanks to the drop in supply by major producers Iran in addition to Venezuela after U.S. sanctions on the former in addition to economic in addition to political turbulence inside the latter.
Saudi Arabia, as OPEC’s largest producer, agreed to a deal with the cartel’s additional members in addition to Russia in June to boost output in order to offset market losses in addition to keep prices stable.
“My information is usually that will the markets are adequately supplied,” Al Falih said. “I don’t know of any refiner inside the entire world who is usually looking for oil that will hasn’t been able to get the idea. in addition to I can tell you that will Saudi Arabia in addition to Saudi Aramco have met the requests of every customer by east to west since June of that will year.”