World Bank chief says Gulf producers role critical in dampening oil volatility

World Bank President David Malpass said on Wednesday that oil-producing Gulf countries can play a vital role in calming oil and gas prices in the coming months.

And many consuming countries urged the OPEC + group to increase production at a faster pace, with the rise in crude prices, which reached their highest levels since 2008 this month at the level of 139 dollars a barrel.

“We are witnessing a massive restructuring of the global oil and gas market, where the supply flexibility of the GCC will be critical in dampening volatility in coming months,” David Malpass said in a speech telecast at the World Government Summit in Dubai.

“We are already seeing the GCC countries willing to invest quickly in hydrogen and help move the entire industry down the cost curve,” Malpass said.