OPEC President Suhail al-Mazrouei said on Wednesday that volatility in the crude market was undesirable and OPEC prefers a more stable price environment, speaking after crude had its biggest one-day drop in two years.
The Organization of the Petroleum Exporting Countries and other large producers are working on a long-term plan to build spare capacity that would cushion the market from unexpected outages, he said.
When Libya reopened key oil exporting ports on Wednesday, global oil prices fell sharply, with benchmark Brent futures plunging 6.92 percent, the steepest one-day drop in two years. Read More
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