Saudi energy minister concerned about oil price volatility

ABU DHABI, United Arab Emirates (AP) — Saudi Arabia’s energy minister says 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 says he’s not happy with the “range of volatility” over the past two to three years. He explained there are consequences when energy prices dip or rise so much but was cautious not to set a price target.

Al-Falih said at the Atlantic Council’s Global Energy Forum in Abu Dhabi on 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.

Categories: International News