July 11, 2018 / 10:03 PM / 4 months ago

OPEC does not want to see volatility in oil prices -OPEC president

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below