RIYADH: Energy producer and consumer states signed a charter here Tuesday aimed at limiting price volatility and stabilizing the market, even as Middle East turmoil propelled prices to two-year highs. The non-binding charter was signed by 87 countries, representing 90 percent of global oil production and consumption, said Saudi Arabia's Deputy Oil Minister, Prince Abdul Aziz Bin Salman. “We are here today to formally and officially confirm the approval of the IEF (International Energy Forum) charter,” Prince Abdul Aziz said at the opening meeting of the IEF extraordinary ministerial meeting. Saudi Oil Minister Ali Al-Naimi said the charter aims to create a “global energy market characterised by transparency and stability” and to “strengthen cooperation for the benefit of future generations.” IEF's secretary general, Noe van Hulst, has said the group's ministers agreed that sharp fluctuations in the market were harmful. The meeting comes as political turmoil in the Middle East have driven oil prices back to levels last seen before the 2008 global financial crisis with Brent crude soaring above $105 a barrel. – Agence France
