The Saudi and Emirati energy ministers voiced concerns on Thursday (May 17th) over oil price fluctuations, saying they were determined to maintain output, AFP reported.
Saudi Arabia's Khaled al-Faleh and Suheil al-Mazrouei of the UAE "voiced their concerns about recent market volatility, fuelled by anxiety over geopolitical events despite the availability of ample supply”, the Saudi oil ministry said.
Benchmark oil contract Brent North Sea hit its highest level since late 2014 on Thursday, breaching $80 per barrel amid uncertainties over supply.
Patrick Pouyanne, the chief executive of French oil company Total, said Thursday he "wouldn't be surprised to see $100 per barrel" in the coming months.
Prior to Thursday's oil-price rally, crude futures had already risen thanks to steady demand growth and a landmark production cut deal between members of OPEC and other major producers.
