OPEC-Non-OPEC States Critical About Trump's Remarks On Oil Prices - Iranian Oil Minister

The participants of the meeting between the Organization of the Petroleum Exporting Countries (OPEC) member states and non-OPEC oil exporting countries did not support the opinion of US President Donald Trump on the need to decrease oil prices, Iranian Petroleum Minister Bijan Namdar Zangeneh said on Monday

MOSCOW (UrduPoint News / Sputnik - 24th September, 2018) The participants of the meeting between the Organization of the Petroleum Exporting Countries (OPEC) member states and non-OPEC oil exporting countries did not support the opinion of US President Donald Trump on the need to decrease oil prices, Iranian Petroleum Minister Bijan Namdar Zangeneh said on Monday.

On Thursday, Trump demanded that OPEC immediately decrease oil prices. He has several times accused the cartel of manipulating oil prices.

"What was achieved at the [OPEC-non-OPEC] meeting in Algeria is that Trump's statement was not supported. The OPEC and even non-OPEC countries said that there was no need to increase oil production at the moment .

.. This clearly brought no results to Trump," Zangeneh said, as quoted by the Shana news agency.

In an attempt to stabilize the oil prices, OPEC and several non-OPEC oil producers signed the oil output cut deal in Vienna in 2016. The states agreed to cut oil production by a total of 1.8 million barrels per day. The agreement, which came into effect in 2017, has been extended twice since then and will remain in force until the end of 2018. However, in June, the deal parties agreed to boost oil output by 1 million barrels per day.