World Bank chief says Gulf producers role critical in dampening oil volatility | Reuters
The World Bank president said on Wednesday Gulf oil producers could play a key role in dampening oil and gas price volatility in coming months.
Several consuming nations have urged OPEC+ to increase output at a faster rate, as crude prices have surged, hitting their highest since 2008 this month at over $139 a barrel.
"We are witnessing a massive restructuring of the global oil and gas market, where the supply flexibility of the GCC will be critical in dampening volatility in coming months," David Malpass said in a speech telecast at the World Government Summit in Dubai.
He was referring to the Gulf Cooperation Council (GCC) that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates.
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