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Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Qatar Defends OPEC against Accusations

Donald Trump recently accused OPEC of “ripping off” the world.

The Qatari energy minister Mohammed Bin Saleh Al-Sada said that the Organization of the Petroleum Exporting Countries (OPEC) is not trying to manipulate market prices.

OPEC is trying to bring the market to balance, the minister said on Wednesday as quoted by CNBC.

The President of the United States, Donald Trump recently accused OPEC of “ripping off” the world, repeating his demands for lower crude and fuel prices before the mid-term elections.

"When OPEC took the measure to restrict the production from its end, as well as some allied countries, it was meant to shave the extra excessive stock which was at a record high that was depressing the oil price.

"In fact, there was the worst record for the global economy during that downturn in the oil price, the minister stated.

"Now during the journey of the recovery in the oil price looks what happened, the balance between supply and demand has taken place, the world economy is at its best now," Al-Sada added.

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