Saudis to host summit on oil price crisis
Wednesday, June 11, 2008 Free Headline Alerts
ABU DHABI — Saudi Arabia plans to convene a summit to discuss soaring energy prices.
Saudi Information and Culture Minister Iyad Madani said the kingdom would invite oil-producing states and leading consumers to discuss record prices in crude oil and natural gas. On Monday, the price of oil fell to $134 per barrel.
"The Saudi Cabinet has instructed Oil Minister Ali Al Nueimi to call for a meeting in the near future which will include representatives of oil-producing countries, consumers and companies that work in extracting, exporting and selling oil to look into the price hike, its causes and how to deal with it," Madani said on Monday.
The Saudi information minister said Riyad would work with OPEC — scheduled to meet in September 2008 — to guarantee oil supplies.
He pledged that Saudi Arabia would seek to prevent "unwarranted and unnatural oil price hikes that could affect international economies, especially those of developing countries."