Heinz-Peter Bader | Reuters
UAE’s Oil Minister Suhail Mohamed Al Mazrouei arrives at his hotel ahead of a meeting of OPEC oil ministers in Vienna, Austria, June 19, 2018.
OPEC listens to what the U.S. has to say when it comes to oil prices and production but “always does the right thing,” according to the United Arab Emirates’ oil minister.
“We’re not playing with President Trump or any other president,” UAE Oil Minister Suhail Al Mazrouei told CNBC’s Hadley Gamble on Wednesday.
“I think what we do is we hear them (the U.S.) They are major consumers versus the major producing nations, we hear what they say but we will always do the right thing from our perspective which is always trying to maintain the balance (in supply and demand),” he said.
Al Mazrouei’s comments follow a tumultuous 2018 for oil which was characterized by price fluctuations as OPEC and its non-OPEC allies, including Russia, vacillated between cutting and increasing their oil production in a bid to stabilize prices.
President Trump was critical of OPEC’s strategy to restrict output, however, saying that prices were “too high.”