President Donald Trump has blasted OPEC several times over the past year, but Hess CEO John Hess says the 14-nation producer group plays an important role in the oil market and deserves praise for stabilizing prices in recent years.
OPEC forged an alliance with Russia and other oil producers in 2016 to end a punishing oil price downturn that bankrupted more than 100 U.S. drillers. The alliance, often called OPEC+, has capped production for much of the last two years in order to shrink a global crude glut and put a floor under oil prices.
"The secretary general of OPEC as well as OPEC members play a very important role in stabilizing markets for oil, so those efforts are to be recognized," Hess said during a panel at the World Economic Forum in Davos, Switzerland on Wednesday.
OPEC Secretary General Mohammed Barkindo, speaking at the same panel, said what OPEC+ has done is "commendable" and helped save U.S. producers.
"We have to continue to collaborate. It's one industry. It's a global industry, and I think our colleagues in the U.S. are on the same page with us and we will work together to exchange views," he said.