The world’s oil-producing countries are now at risk of wasting investment if oil prices are too low or too volatile

“We need to lessen the magnitude of the swings and I feel there is now a common understanding that a price that is neither too high nor too low is favorable to all.”

During 2008, oil prices skyrocketed to an all-time high of about 150 U.S. dollar per barrel, but ended the year at a little more than 40 dollars a barrel as a result of the U.S. financial crisis affecting the economy of the whole world.

Oil producers, therefore, started to cancel projects and today they have to suspend oil production capacity of some 6 million barrels a day, Al-Badri said.

VietNamNet/Xinhuanet