Organization of Petroleum Exporting Countries (OPEC) secretary general Mohammed Barkindo (L), Saudi Energy Minister Khaled al-Faleh (C) and Russian Energy Minister Alexander Novak (R) attend a meeting of OPEC and non-OPEC members to assess compliance with production cuts and to discuss potential long-term cooperation, in Jeddah on April 20, 2018. (AFP photo)
RIYADH, April 20 (Xinhua) -- Saudi Arabia highlighted on Friday the global market capacity for higher oil price after the crude price hit its highest level in over three years, Al Arabiya reported.
"Energy intensity, as you know has declined significantly ... this and higher productivity of energy input leads me to think that the global market has the capacity to absorb higher price," said Khalid al-Falih, Saudi Energy Minister, at an oil meeting in Jeddah.
Falih insisted the Organization of Petroleum Exporting Countries (OPEC) does not have a target for oil price.
"We never have a price target... Prices are determined by the market," said Falih who warned against the danger of price fluctuations, saying that "volatility is our enemy."
OPEC and non-OPEC countries struck a deal in 2016 to trim production by 1.8 million barrels per day to reduce a global glut of oil.
The deal, which is due to expire at the end of this year, has boosted oil price to above 70 U.S. dollars a barrel from below 30 dollars a barrel in early 2016.