OPEC head concerned about oil market volatility

VIENNA: OPEC head Abdalla Salem El-Badri said Wednesday he was worried about volatility in the oil market as prices soared through the historic 130 dollars level for the first time.

“The Secretary General expressed concern about the volatility that has characterised the market in recent times,” the Vienna-based cartel said in a statement from Caracas, where El-Badri met Venezuelan President Hugo Chavez as part of a week-long working visit to OPEC members Venezuela and Ecuador.

Following his meeting with Chavez, El-Badri said “the crude oil market remains well-supplied, with (developed world) stocks increasing above their five-year average.

“OPEC will continue to strive to bring stability to the oil market,” the statement said, noting that El-Badri “also called on other stakeholders in the industry — consumers, producers, investors — to cooperate to find a lasting solution to the volatility.”

Economic Times