Despite restrictions oil price remains volatile

INTERNATIONAL oil prices are currently quite erratic due to mixed messages from suppliers.

The Organisation of the Petroleum Exporting Countries (OPEC) has indicated that it intends to continue to restrict production in order to force prices of crude oil up, but there have been as many drops in the wholesale price as rises in the past few weeks.

All eyes are now on the OPEC conference to be held on May 25 to which non-OPEC members will be invited to agree continued cuts in supply, but with plenty of US shale oil being made available, their efforts may well be frustrated.

Iran has benefited from the removal of international export restrictions and has assisted in keeping prices down with its large scale exports in a bid to bolster its economy, but prices of fuel in Spain appear to have drifted upwards rather than stabilise.