The Organization of the Petroleum Exporting Countries is not artificially inflating oil prices but has instead come together with the "noble goal" to rescuing the market, OPEC's current chairman said Monday.
"I don't think we ever said that we're targeting a price. We all remember what's happened two years ago — the market was over-flooded, and it wasn't OPEC who over-flooded the market. And no one intervened to do anything about it," Suhail Al Mazrouei, the United Arab Emirates' minister of energy and industry and OPEC president, told CNBC's Hadley Gamble.
The oil market experienced a sharp downturn after an increase in shale production in the U.S. caused prices to plunge below $30 per barrel in 2016.
"OPEC and non-OPEC (countries) came together, they sacrificed some of their production to try and fix the imbalance in the market. So the objective of OPEC was, I would say, a noble goal to rescue the market (from) a long over-supply," he said.