OPEC is not the enemy of the U.S., UAE minister says

Business

UAE’s Oil Minister OPEC President Suhail Mohamed Al Mazrouei addresses a news conference after an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader

ABU DHABI (Reuters) – The Organization of Petroleum Exporting Countries is not the enemy of the United States, United Arab Emirates Energy Minister Souhail al-Mazrouei said on Saturday in Abu Dhabi.

“We are complementing each other, we are not enemies here,” he told an industry news conference in Abu Dhabi, addressing the relationship between OPEC and major consuming countries, like the United States.

OPEC and other leading global oil producers led by Russia agreed in December to cut their combined oil output by 1.2 million barrels per day in order to balance the oil market starting from January.

The decision came despite U.S. President Donald Trump’s calls to oil exporters to refrain from cutting production, saying it would trigger higher oil prices worldwide.

Reporting by Rania El Gamal and Maha El Dahan; Writing by Maher Chmaytelli; Editing by Kirsten Donovan

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