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At Abu Dhabi oil event, hopes that cuts will raise prices

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press

Thursday, January 12, 2017 2:53 AM
ABU DHABI, United Arab Emirates (AP) -- Participants at an oil conference in crude-rich Abu Dhabi say they hope production cuts will drive prices even higher.

Emirati Energy Minister Suhail al-Mazroui says there's "a fair movement" toward higher prices. He spoke on Thursday at the Atlantic Council's Global Energy Forum.

However, Patrick Pouyanné, the CEO of French oil firm Total SA, offered a stark warning. He says: "Let's be clear: Volatility is still there."

Crude oil sold for over $100 a barrel in the summer of 2014, before bottoming out below $30 a barrel in January 2016.

OPEC agreed in late November to cut its production by 1.2 million barrels a day, the first reduction agreed to by the cartel since 2008.

Crude oil futures closed at $52.25 a barrel in New York on Wednesday.

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