“The UAE as any other member state will adhere to whatever decision that will be taken," said Suhail Al Mazrouei. Reuters
“The UAE as any other member state will adhere to whatever decision that will be taken," said Suhail Al Mazrouei. Reuters

'Opec is doing its part,' says UAE's Mazrouei



The president of Opec defended the oil producer group on Monday against US President Donald Trump’s recent demands for higher oil output, saying Opec does not shoulder the blame.

“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,” Organization of the Petroleum Exporting Countries President Suhail Al Mazrouei told Reuters in an interview in Calgary, Alberta.

"I feel Opec is doing its part."

Mr Trump has accused Opec in recent weeks of driving gasoline prices higher and stepped up pressure on US ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.

Washington has warned that it will impose sanctions on foreign companies that do business with Iran, in an effort to cut Iran's exports of crude oil and condensates to zero from over 2 million barrels per day.

Mr Mazrouei, the UAE Minister of Energy, said Opec was willing to listen to major oil-producing countries, including the United States.

__________

Read more:

Trump mounts pressure on Opec to increase supply as oil prices climb

Trump goes 'America First' on Opec, but his policy faces limitations

Saudi Arabia and UAE ready to boost oil supply to rebalance market if needed

__________

Opec agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

Global oil prices have climbed steadily this year, helped by rising demand, and topped $80 per barrel in May for the first time in 3-1/2 years.

Mr Mazrouei said Opec member crude producers had enough capacity to handle any unforeseen global supply disruptions. Opec is seeking a balance between supply and demand, not targeting a crude price, he said.

The UAE alone has 400,000 to 600,000 barrels per day of additional capacity, he said.

Mr Mazrouei said he did not anticipate needing to call any extraordinary meeting of Opec member countries before a scheduled meeting in December.

The Opec president is in Canada during its annual Calgary Stampede, a rodeo that serves as the year's biggest oil-industry networking party. Mr Mazrouei is scheduled to speak on Wednesday to a business group that promotes stronger trade ties between Canada and the UAE.

RECORD%20BREAKER
%3Cp%3E%3Cstrong%3EYoungest%20debutant%20for%20Barcelona%3A%3C%2Fstrong%3E%2015%20years%20and%20290%20days%20v%20Real%20Betis%3Cbr%3E%3Cstrong%3EYoungest%20La%20Liga%20starter%20in%20the%2021st%20century%3A%20%3C%2Fstrong%3E16%20years%20and%2038%20days%20v%20Cadiz%3Cbr%3E%3Cstrong%3EYoungest%20player%20to%20register%20an%20assist%20in%20La%20Liga%20in%20the%2021st%20century%3A%20%3C%2Fstrong%3E16%20years%20and%2045%20days%20v%20Villarreal%3Cbr%3E%3Cstrong%3EYoungest%20debutant%20for%20Spain%3A%3C%2Fstrong%3E%2016%20years%20and%2057%20days%20v%20Georgia%3Cbr%3E%3Cstrong%3EYoungest%20goalscorer%20for%20Spain%3A%3C%2Fstrong%3E%2016%20years%20and%2057%20days%3Cbr%3E%3Cstrong%3EYoungest%20player%20to%20score%20in%20a%20Euro%20qualifier%3A%3C%2Fstrong%3E%2016%20years%20and%2057%20days%3C%2Fp%3E%0A
Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

Sweet%20Tooth
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MEDIEVIL%20(1998)
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Company%20profile
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COMPANY%20PROFILE
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