Saudi energy minister worries about oil prices
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 told the Atlantic Council’s Global Energy Forum in Abu Dhabi.
Cautious not to set a price target, he explained there are consequences when oil prices dip too low or rise too high.
Last month, OPEC countries and other major oil producers agreed to cut production by 1.2 million barrels a day to boost prices for the first six months of 2019.