Business | Oil & Gas
OPEC president backs Saudi invitation for oil-price meeting
OPEC President Chakib Khelil said he supports Saudi Arabia's call for a meeting between oil producing and consuming states to discuss how to address record prices, Algeria's state-run news service reported.
- Bloomberg
- Published: 14:59 June 11, 2008
Algiers: OPEC President Chakib Khelil said he supports Saudi Arabia's call for a meeting between oil producing and consuming states to discuss how to address record prices, Algeria's state-run news service reported.
"It wouldn't hurt to discuss the current situation of the market and the price, but also the cost'' of oil production, Khelil, who is also Algeria's oil minister, said in a statement to Algerie Presse Service issued in Algiers.
"If oil prices increased, the cost of production equipment and services tripled in two years.''
The proposed Saudi meeting should also discuss the effect of speculators on oil prices, Khelil said.
The government of Saudi Arabia, the world's top oil exporter, yesterday called for a meeting "soon'' with consumers and oil companies to discuss what it described as "unjustified'' prices.
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