July 11, 2018 / 10:02 PM / 9 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)

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