Qatar’s energy minister has defended OPEC’s oil market strategy, saying a deal between the oil producing group and non-OPEC producers is not aimed at manipulating oil prices.
“OPEC is not trying to manipulate the price, it’s trying to bring the market to balance,” Qatar’s Minister of Energy and Industry Mohammed Bin Saleh Al-Sada, told CNBC on Wednesday.
President Donald Trump has argued that OPEC and non-OPEC producers’ late-2016 deal to curb production, made in a bid to support prices and balance oil market supply and demand dynamics, is hurting consumers. He has called on OPEC’s de facto leader Saudi Arabia, and Russia, to raise output.
