China trade was and US are the largest groups for ex OPEC chief
Asked about the growing criticisms of OPEC coming from the White House, Mazrouei maintained that OPEC lists to what the U.S. has to say when it comes to oil prices and production but insisted that the cartel "always does the right thing." "I think what we do is we hear them (the US). 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). "OPEC and its non-OPEC counterparts led by Russia agreed to a production cut of 1.2 million barrels per day in early December to fall below falling prices, despite Trump's calls to keep the crude flowing. Crude prices dropped on the news that Washington would issue eight of the top importers of Iranian oil. sanctions on Iran for 1[ads1]80 days. OPEC members like Saudi Arabia had previously had Trump's calls to increase their output to make up for what was expected to be a massive shortage in the market due to the sanctions.
"We are not in the business of trusting or not trusting presidents , "the minister said when asked if he could trust Trump. "We are in the business of watching the market and correcting it every time the geopolitics (are) a factor, affecting the market."
All Mazrouei's comments follow a tumultuous 2018 for oil which was characterized by price fluctuations as OPEC and its non-OPEC allies, including Russia, and increasing their oil production in bid to stabilize prices.
President Trump remains critical of OPEC's strategy to restrict output, saying that prices were "too high."
Correction: The story has been updated to reflect the correct title of UAE's Energy Minister Suhail Al Mazrouei