Oil price volatil­ity wor­ries Saudi en­ergy min­is­ter

The Daily Star (Lebanon) - - BUSINESS -

ABU DHABI: Saudi Ara­bia’s en­ergy min­is­ter said ma­jor oil pro­duc­ers need to do bet­ter to nar­row swings in prices that dip below $60 a bar­rel and rise above $86. Khalid al-Falih said he was not happy with the “range of volatil­ity” over the past two to three years. He ex­plained that there are con­se­quences when en­ergy prices dip or rise so much but was cau­tious not to set a price tar­get. Falih said at the At­lantic Coun­cil’s Global En­ergy Fo­rum in Abu Dhabi Sun­day that “we need to do bet­ter and the more pro­duc­ers that work with us, the bet­ter we’re able” to do so. Saudi Ara­bia and other ma­jor oil pro­duc­ers have agreed to cut pro­duc­tion by 1.2 mil­lion bar­rels a day to re­duce over­sup­ply for the first half of 2019. –

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