Emergency energy meeting held in Saudi Arabia

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Source: CCTV.com | 06-22-2008 08:59

Top officials and policy makers from the world's biggest oil producers and consumers, plus chief executives of leading oil companies, are gathering in Jeddah for an emergency meeting of energy powers.

The Assistant Minister for Petroleum Affairs, Prince  Abdulaziz Bin Salman

Saudi Arabia and other producers with oil to spare could agree to raise output at the energy summit this weekend, but OPEC countries blame speculation, and not a lack of supply, for the current high prices.

The Assistant Minister for Petroleum Affairs, Prince Abdulaziz Bin Salman, says Saudi Arabia, who called the emergency meeting, is ready to meet demand from its customers and help stabilize prices.

Prince Abdulaziz Bin Salman, Assistant Minister for Petroleum said "We will meet demand if demand becomes reality, and customers ask for crude we shall sell them simply because the clients, our clients require more."

Saudi Arabia has said it will raise its crude output to 9.7 million barrels per day in July. It also says the country will consider increasing its capacity beyond an existing goal of 12.5 million barrels per day by the end of next year.

The short-term policies to be discussed at the summit include the proposal that OPEC countries that have spare capacity should boost supply.

Sunday's meeting is also expected to look at whether speculation is responsible for current price levels and what can be done to counter it.

Editor:Xiong Qu