OPEC president Suhail Al-Mazrouei said volatility in oil prices was not desirable: “Fluctuation is not good and we do not like to see lots of fluctuation in the prices.”
Economists are worried that escalating trade tensions between the US and China will hurt the global economy, lowering demand.
On Tuesday, the US unveiled a list of $200bn worth of products to be hit with 10% tariffs, prompting China to vow counter-measures.
The back-and-forth followed tariffs on $34bn of each country’s goods that went into effect last week. While fallout from those measures is expected to be relatively limited, that could change if the fight continues.
China was the world’s biggest oil importer last year, followed by the US.