CALGARY, July 11 (Reuters) - OPEC president Suhail Al-Mazrouei said on Wednesday that volatility in the crude market was undesirable and OPEC prefers a flatter price environment.
“Fluctuation is not good and we do not like to see lots of fluctuation in the prices,” Al-Mazrouei said, speaking to Reuters on the sidelines of a Canada-United Arab Emirates Business Council event in Calgary.
But the current geopolitical environment drives price volatility, he added, pointing to recent port shut-ins in Libya.
On Wednesday, global benchmark Brent futures plunged 6.92 percent in a volatile session. (Reporting By Devika Krishna Kumar, writing by Jessica Resnick-Ault, Editing by Rosalba O’Brien)