OPEC is doing its part to rebalance the oil industry, Reuters reported, citing OPEC president Suhail Al Mazrouei, who was defending the group against US President Donald Trump’s recent demands for higher oil output.
“OPEC alone cannot 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,” he said.
In June, OPEC had agreed on a modest increase in oil production starting July following calls from major consumers to curb rising fuel costs.
Meanwhile, Al Mazrouei said that OPEC was seeking a balance between supply and demand, and was not targeting a certain crude price.
"OPEC members have enough capacity to handle any unforeseen global supply disruptions," he said, adding, the UAE alone has 400,000 to 600,000 barrels per day of additional capacity.
Global oil prices have surged this year, reaching $80 per barrel in May for the first time in over 40 months.
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