Trump ‘hasn’t been fair’ to OPEC: H E Rumhi

H E Dr Mohammed bin Hamad al Rumhi, Minister of Oil and Gas

Muscat - 

H E Dr Mohammed bin Hamad al Rumhi, Oman’s Minister of Oil and Gas, has said that US President Donald Trump has given OPEC some undue flak.

“Sometimes he hasn’t been fair,” H E Dr Rumhi told CNBC’s Hadley Gamble at 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 US 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,” H E Dr Rumhi said.

Trump has spent months vocally criticising the 14-member Organization of the Petroleum Exporting Countries (OPEC) for its management of oil output, urging the group to keep the taps open and prices low.

In December, OPEC members along with Russia reached an agreement to cut their crude production by 1.2mn barrels per day in order to stem the fall in prices, something that further drew Trump’s ire.

As reported by CNBC, H E Dr Rumhi expressed his eagerness to reach a consensus with Washington that would meet each party’s needs when it comes to the oil market, though that may be far easier in theory than in practice.

“I wish we could sit together; I would be honoured to sit with him and exchange ideas,” H E Dr Rumhi said, adding, “of course I cannot do that. But the best way is to sit together and say where is the convergence.”

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