Russia and Saudi Arabia have defied the calls of Donald Trump for an immediate boost in their production in order to reduce the oil prices.
On Sunday, the Organization of the Petroleum Exporting Countries (Opec) and non-Opec oil producers held a meeting to talk about the oil production quotas in the wake of the US sanctions that were imposed on Iran.
Saudi Arabia, the leader of Opec, has moved to calm the concerns that the oil prices will continue to increase because of the issues that came into production.
It all comes after Brent crude oil increased to $80 per barrel leading to Trump urging that the oil cartel should “get the prices down”
At a meeting that was held in Algeria on Sunday, Khalid al-Falih, the energy minister of Saudi, said that he did “not influence prices” and that a boost in the oil output was not necessary.
He stated: “My information is that the markets are adequately supplied.”
He added: “I don’t know any refiner in the world who are looking for oil and is not able to get it.”
Alexander Novak, the energy minister of Russia, also dismissed the assertions of Trump and said that there is no immediate increase in the output necessary.
However, he said that the trade war started when China and the US were creating new challenges for the oil markets.
Earlier this week, Trump slammed the Opec. He was urging the oil cartel to “get prices down now.”
He stated: “We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices.”
He added: “We will remember. The Opec monopoly must get prices down now.”
The sanctions imposed by the White House are likely to have a dramatic effect on the oil market of the world, with Iran having exported approximately 2.5 million bpd of crude and condensate this year, equivalent to around 2.5 percent of the global consumption.
Bijan Zanganeh, the Iranian oil minister, who was not in attendance, responded at the US President before the meeting and said that his Tweet was “the biggest insult to US-friendly states and nations” in the Middle East.
Zanganeh called on the committee not to be affected by the comments of Trump.