Business | Oil & Gas

Saudi Arabia to call for meeting on rising oil prices

Top oil exporter Saudi Arabia said on Monday it will call for a meeting soon between oil producers and consumers to discuss the rise in oil prices.

  • Agencies
  • Published: 20:59 June 9, 2008
  • Gulf News

  • Oil jumped over $10 on Friday to over $139 a barrel, partly on US dollar weakness and rising tension between Israel and Iran.
  • Image Credit: Reuters

Riyadh: Top oil exporter Saudi Arabia said it will call for a meeting soon between oil producers and consumers to discuss the rise in oil prices.

Iran, the world's fourth-largest oil exporter, welcomed the Saudi proposal, the Mehr news agency reported on Tuesday.

Saudi Arabia assigned its oil minister on Monday to call the meeting "to look into the rise in prices and its reasons and how to deal with it objectively".

Oil jumped over $10 on Friday to over $139 a barrel, partly on US dollar weakness and rising tension between Israel and Iran.

Consuming governments have put pressure on Opec, supplier of more than a third of the world's oil, to boost output to ease the effect of high oil prices on their economies.

Fuel costs have sparked protests in India, Indonesia, Spain and other countries recently.

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