Saudi Arabia said Opec producers want to avoid high oil prices that may harm global economic growth.
“Opec-member states want stability in world oil markets and seek to avoid fluctuations in oil prices or a rise in prices to levels that would affect the global economy, especially that of developing countries,” Saudi Oil Minister Ali Al Naimi told the Saudi Press Agency (SPA).
Al Naimi was speaking after a meeting in Taif with Opec president Edmund Daukoru, who had said earlier that the latest spike in oil prices to near $80 a barrel was “very uncomfortable” and hurting the world economy.
Al Naimi and Daukoru discussed the oil market situation as well as bilateral energy cooperation, SPA said.