Oman’s oil minister thinks President Donald Trump has given OPEC some undue flak. But echoing different Gulf ministers, Mohammed bin Hamad al-Rumhi careworn his want to keep away from political animosity with the American chief, showing eager to give him the good thing about the doubt.
“Sometimes he hasn’t been fair,” al-Rumhi informed CNBC’s Hadley Gamble whereas on the Atlantic Council’s Global Energy Forum in Abu Dhabi. “I’m sure he has good intention too, he thinks he is representing the people of the U.S. and he thinks this is the way to do it.”
“Nobody wants volatility, I am sure Trump doesn’t want volatility, because volatility is difficult to manage,” he mentioned. Trump has spent months vocally criticizing the 14-member cartel for its administration of oil output, urging the group to hold the faucets open and oil costs low. “OPEC is ripping us off,” Trump mentioned in a tweet final October.
In December, OPEC members together with Russia reached an settlement to lower their crude manufacturing by 1.2 million barrels of oil per day from the market so as to stem the autumn in costs, one thing that additional drew Trump’s ire.
“Unfortunately there are politics, but sometimes the politics forces people to go to the social media or to CNBC to present their case. And that is the reality of today,” the minister mentioned.