Opec prefers stable prices, working on spare capacity building: Opec prez

The fluctuations will continue as long as there is no long-term plan for production

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 Organisation 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 per cent, the steepest one-day drop in two years.

"Fluctuation is not good and we do not like