Opec wants to avoid fluctuations in oil prices that can damage the global economy
Opec wants to avoid fluctuations in oil prices that can damage the global economy, a top Saudi official said Sunday.
The Organisation of Petroleum Exporting Countries wanted to avoid "raising prices in a way that might affect the global economy," Saudi Arabia's Oil Minister Ali Naimi said.
"Opec is concerned about the stability in the international market," he said.
Fears that the Israeli-Hezbollah crisis could draw Iran into the conflict lifted oil prices to a record of $78.40 a barrel on July 14. Iran is Opec's No. 2 supplier. - Sapa-AP