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.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Related Articles

  1. Oil's record jump defies any single explanation

    Oil's record jump defies any single explanation

  2. 'Oil prices to hit $150 a barrel'

    'Oil prices to hit $150 a barrel'

    Oil prices will hit $150 a barrel this summer say industry analysts

  3. Inflation threat mounts as oil races towards $150

    Inflation threat mounts as oil races towards $150

  4. Diesel prices to remain steady

    Dubai retailers say diesel prices will remain steady

  5. Fuel price hike triggers protest in Nepal

    Fuel price hike triggers protest in Nepal

    Fuel price hike triggers protest in Nepal capital

More from Business

Gulf News
Popular in Business
Airlines in the region
Budget travel

Airlines in the region

Take a pictorial look at some of the budget airlines in GCC

Business Editor's choice