Oil producers in talks to address market volatility

Image: mrt.com

Saudi Arabia is in talks with various oil producing countries to address the volatility in the global crude oil market.

Saudi Arabian Energy Minister Khalid al-Falih on Wednesday said that the recent slump in oil prices has shown that the Organization of the Petroleum Exporting Countries (OPEC) and its non-OPEC allies must take a collective decision to balance the global oil markets.

He added that Saudi Arabia could not act alone and stressed that clarity and collective decisions were needed to stabilize the market.

“Over the last week, we had bilateral consultations with Iraq, Libya, Russia, all that will lead us to reach a consensus. I am confident that we will do the right thing to stabilize the market, and give producers and consumers the comfort that 2019 is going to be a year of a very stable oil market in 2019.”

OPEC and ten non-OPEC allies will hold a meeting on December 6 and 7 to discuss output policy for 2019.