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