KUWAIT CITY, March 12 (UPI) -- Volatility in the global energy market makes it tough for investors to make long-term decisions, the secretary-general of the International Energy Forum said.
Oil is trading close to levels not seen since the height of the war in Libya last year affected the amount of oil reaching global market.
Delegates from more than 80 nations and international oil companies arrived Monday in Kuwait for the IEF's 13th annual conference.
IEF Secretary-General Aldo Flores-Quiroga told Emirati newspaper The National that with crude-oil futures estimates ranging from $100 per barrel to $147 per barrel by July, it was stability that was needed in the global market.
"We need prices that don't vary to such a degree that they make it very difficult for the companies that invest to plan ahead and really make those investments that are required," he said.
Members of the Organization of the Petroleum Exporting Countries are producing oil at their highest level in three years. Concerns over Iran's ability to choke off key shipping lanes in the Strait of Hormuz, however, is weighing on the minds of investors.
"The price of oil concerns everyone," said Flores. "We need prices that are fair to producers and fair to consumers."
He didn't indicate what price level was considered fair.
