Oil meet should seek solution to high prices, says Saudi Arabia

Riyadh: Saudi Arabia on Friday said a meeting in June among oil producers and consumers should seek a solution to high oil prices worlwide.

Saudi Oil Minister Ali Al Naimi told state news agency SPA that market fundamentals do not justify current high oil prices.
"The kingdom called this meeting based on its positive role in international relations...and its commitment to the world economy and a balanced global oil market," Naimi said.

Saudi Arabia wanted "producer and consuming countries and concerned parties to work together to counter a global issue that may have negative effects on the world economy, particularly developing countries", he said.

Rising oil prices have sparked protests around the world, especially in Spain, India, Nepal and Malaysia.