Al Mazroui: Fluctuations in the price of oil are not desirable

HE Suhail Al Mazrouei, Minister of Energy and Industry, Chairman of the Organization of the Petroleum Exporting Countries (OPEC) said: "

The volatility of the market for gross is not desirable and the Organization promotes a more stable climate.work on a long-term plan to create excess capacity to protect the market from any unforeseen disruption of supply. " volatility is not good, and we do not want to see a lot of price volatility, "Mazroui told Reuters on the sidelines of an opportunity for the Canada-UAE Business Council in Calgary. as long as there will be no long-term production plan. "On the other hand, the International Energy Agency said yesterday that the world's stockpile Oil supply could have been completely exhausted by a long production outage term, Supports prices and threatens growth in demand.

OPEC crude oil production in June reached its highest level in four months at 31.87 million barrels per day. The Middle East's excess capacity in July was 1.6 million barrels a day, about two percent of world production.