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Oil Consumers and Producers Set to
Meet in Saudi Arabia

 

Editor's Note:

World leaders are set to meet in Jeddah tomorrow to examine causes of the oil crisis gripping global energy markets and develop solutions. This SUSRIS Special Report provides an overview of the conference among oil producers and consumers called by King Abdullah last week. Check the SUSRIS Special Section on the web site (links below) for more information.
 

Reporting..

Limelight to Shine on Saudis at Energy Forum as Oil Prices Continue to Soar 
"..But by hosting a global energy forum here on Sunday during the worst oil crisis in decades, the Saudis are taking a risky step. The meeting will draw new attention to the Saudis� role in a boom that has pushed oil prices close to $140 a barrel and caused protests from Britain to Bangladesh.. ..But for the Saudis, the meeting is a crucial opportunity both to calm the market�s volatility and to get their point of view across. They say they have been unfairly blamed for the crisis, which has seen the price of oil rise 40 percent since the start of the year.."  [more]

Riyadh assures market
"..Saudi Arabia announced yesterday that it would do everything possible to curb rising oil prices, which it blamed on geopolitics and speculators. �The Kingdom looks... with great interest to oil market stability that will protect the interests of producers and consumers and promote world economic growth,� an official statement said. �As the world�s biggest oil exporter, Saudi Arabia has not and will not spare any effort to achieve oil market stability. Its oil policy aims always to foster and strengthen cooperation and dialogue between oil producing and consuming countries.�.."  [more]

Kingdom has no magic wand: Abdulaziz
"..Saudi officials said yesterday that the Kingdom has no �magic wand� that will resolve the skyrocketing oil prices.. ..Addressing a press conference ahead of tomorrow�s International Energy Conference here, Deputy Minister of Petroleum and Mineral Resources Prince Abdulaziz bin Salman said: �There are political, economic and regulatory factors involved.."  [more]

Plans to pump extra 200,000 bpd: Al-Naimi
"..Minister of Petroleum and Mineral Resources Ali Al-Naimi announced yesterday that Saudi Arabia would increase its daily output to 9.7 million barrels next month, pumping an extra 200,000 barrels to world markets. UN Secretary-General Ban Ki-moon said last Sunday that the Saudi minister had told him the plan to increase production by 200,000 bpd. �He quoted me right, that�s old news now,� Al-Naimi told reporters in Jeddah. Asked if Saudi Arabia would increase output more than that figure, Al-Naimi said: �We�ll be giving out new information within the next two days.� He was apparently referring to the International Energy Conference that opens at Jeddah Hilton tomorrow.."  [more]

Saudi to lobby at Jeddah for action on speculation
"..Saudi Arabia will press consumer nations at an oil meeting in Jeddah this week to take action to curtail the speculation it sees as a major factor behind high oil prices, a newspaper reported on Saturday. "Governments have a role in organising (oil) markets and structuring them in a way that prevents speculators behaving in a manner that has led oil prices to reach their current levels," Deputy Oil Minister Prince Abdulaziz bin Salman was quoted as saying in the Saudi-owned Asharq al-Awsat daily.."  [more]

Comments ahead of emergency oil talks in Jeddah
"..The world's top oil exporter, Saudi Arabia, convenes an emergency meeting of producers, consumers and big oil executives on June 22 to seek a solution to soaring crude prices. Producers and consumers have long blamed each other, but the Saudi cabinet, chaired by King Abdullah, issued instructions two weeks ago to bring them together in Jeddah after oil surged by $16 a barrel in just over 24 hours.."  [more]

What to watch for at Jeddah�s oil summit
"..Saudi Arabia�s oil meeting on Sunday is key to setting the direction of the oil price, which this week hit a record high of $139.89 a barrel. On Friday, oil prices closed at $135.13 a barrel, up 40 per cent since January. Although the gathering of producers and consumers is not an Opec meeting, the market is expecting an announcement on oil production from Saudi Arabia and perhaps other countries, such as Kuwait and the UAE.."  [more]

Oil Prices Rise Ahead of Key Meeting in Saudi Arabia
"..Oil prices have risen ahead of a key meeting between oil producers and oil consumers to be held in Saudi Arabia. Crude oil for July delivery rose more than two percent, $2.84, at the close of trading in New York Friday, at times spiking by more than four dollars a barrel.."  [more]

Oil prices surge above 136 dollars before Jeddah meet
"..Oil prices stormed higher on Friday as OPEC members hit out at consumer demands for more crude ahead of a high-level weekend meeting in the Saudi city of Jeddah to discuss rocketing fuel costs. Prices had fallen sharply Thursday after Saudi Arabia, the world's biggest producer, announced a production hike of 200,000 barrels per day.."  [more]

 

Related Material:

U.S.-Saudi Relations and Global Energy Security Conference: 

 

Saudi-US Relations Information Service 
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� 2008
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