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” seen over the past two to three years. Cautious not to set a price target or range for oil, he explained there are consequences when energy prices dip too low or rise too high.

“We need to better and the more producers that work with us, the better off we’re able,” al-Falih said at the Atlantic Council’s Global Energy Forum in Abu Dhabi on Sunday.

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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