Saudi, UAE oil ministers voice 'concerns' over price swings
Abu Dhabi. The Saudi and Emirati energy ministers voiced concerns on Thursday over oil price fluctuations, saying they were determined to maintain output, the Saudi oil ministry said.
In a phone call, Saudi Arabia's Khaled al-Faleh and the United Arab Emirates' Suheil al-Mazrouei "voiced their concerns about recent market volatility, fuelled by anxiety over geopolitical events despite the availability of ample supply," the ministry said.
Benchmark oil contract Brent North Sea hit its highest level since late 2014 on Thursday, breaching $80 per barrel amid uncertainties over supply, informs Arabian Business.
Patrick Pouyanne, the chief executive of French oil behemoth Total, said Thursday he "wouldn't be surprised to see $100 per barrel" in the coming months.
Prior to Thursday's oil-price rally, crude futures had already risen thanks to steady demand growth and a landmark production cut deal between members of the OPEC cartel and other major producers.