OPEC says many consumers complain about high oil price

LONDON, Oct 11 (PRIME) -- Many large oil consumers complain about its high price and India has suggested discussing the issue on October 17, OPEC Secretary General Mohammed Barkindo said at the Oil & Money Conference on Thursday.

“Many of our largest oil consumers are unhappy,” he said. “A couple of weeks ago I received a letter from India talking about their discontent with how the situation on the oil market develops.”

Barkindo also warned that the world’s commercial oil reserves may resume growth in 2019 demanding that OPEC+ cooperation be institutionalized and prolonged for an unlimited time. The OPEC states will discuss the issue on October 23 in Vienna and negotiate the proposals with non-OPEC members on December 7.

The current oil market does not depend solely on OPEC, he said.

“The current market situation depends on not only OPEC and non-OPEC actions, but also on decisions made outside the group,” he said.

He also said that OPEC hopes for understanding from all industry participants as the U.S. pressures the cartel.

U.S. President Donald Trump has already twice blamed OPEC of driving the oil prices too high artificially and demanded that the cartel stop manipulating the price.

End