Saudi EM con­cerned about oil price

The Korea Times - - WORLD BUSINESS -

ABU DHABI, United Arab Emi­rates (AP) — Saudi Ara­bia’s en­ergy min­is­ter said Sun­day that ma­jor oil pro­duc­ers need to do bet­ter to nar­row swings in prices that dip be­low $60 a bar­rel and rise above $86.

“I think what we need to do is nar­row the range ... of volatil­ity,” Khalid al-Falih said.

“We need to do bet­ter and the more pro­duc­ers that work with us, the bet­ter we’re able” to do so, he told the At­lantic Coun­cil’s Global En­ergy Fo­rum in Abu Dhabi.

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.

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