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Saudi Arabia will seek measures to cool oil prices
Saudi Arabia, the world's top oil exporter, will seek measures to dampen crude prices at a meeting it will host for oil producers, consumers and companies this month, Oil Minister Ali Al Naimi said.
- Bloomberg
- Published: 00:06 June 15, 2008
Dubai/New York: Saudi Arabia, the world's top oil exporter, will seek measures to dampen crude prices at a meeting it will host for oil producers, consumers and companies this month, Oil Minister Ali Al Naimi said.
Saudi Arabia has invited nations including the US, the UK, China, Germany, India and Japan to the June 22 meeting in the coastal city of Jeddah, Al Naimi said in statement published on Friday by the Saudi Press Agency.
Organisation of Petroleum Exporting Countries (Opec) members and other producers including Russia will attend.
"The meeting in Jeddah will discuss the increase in oil prices, which are unjustified by market fundamentals, and suggest appropriate solutions," Al Naimi said.
"This meeting is expected, God willing, to produce positive results that will contribute to stabilising the international oil market."
Saudi Arabia proposed a summit between producers and consumers after prices more than doubled in a year to reach a record $139.12 a barrel on June 6. The country may propose a "sizeable" increase in oil production at the meeting, the Middle East Economic Survey reported on Friday, without saying where it got the information.
Current oil prices hurt the long-term interests of oil producers, Ebrahim Al Muhanna, an adviser to Al Naimi, was cited as saying by the Cyprus-based weekly.
They threaten the global economy and hurt developing nations, Al Naimi said.
There have been riots across the world against higher cost living caused by rising fuel prices.
Discontent is growing in emerging nations like India and Indonesia that are raising domestic prices to rein in the use of subsidised fuels.
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