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Saudi energy minister concerned about oil price volatility

Gasoil News - Published on Tue, 15 Jan 2019

Image Source: ABC News - Go.com
AP reported that Saudi Arabia's energy minister said Sunday that major oil producers need to do better to narrow swings in prices that dip below USD 60 a barrel and rise above USD 86. Khalid al-Falih said "I think what we need to do is narrow the range of volatility. We need to do better and the more producers that work with us, the better we're able to do so.”

Cautious not to set a price target or range, he explained there are consequences when oil prices dip too low or rise too high.

Last month, OPEC countries, including Saudi Arabia, and other major oil producers agreed to cut production by 1.2 million barrels a day to reduce oversupply and boost prices for the first six months of 2019. Oil producers are under pressure to reduce production following a sharp fall in oil prices in recent months because major producers, including the United States, are pumping oil at high rates.

Source :

Posted By : Joykumar Irom on Tue, 15 Jan 2019
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