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Saudi Energy Summit Closed
    2008-06-23 10:36:39     CRIENGLISH.com

 The energy summit staged in Saudi Arabia has called for "improved" transparency and regulation in oil production and financial markets dealing in crude oil.

Leaders and ministers from the 36 nations made the remarks in a final communique when the summit was closed on Sunday.

The increasing oil prices have hit almost 135 U.S. dollars per barrel on Friday, which affects consumers and economies across the United States, Europe and much of the world.

As the world's top oil exporter, Saudi Arabia has been under intense pressure from the U.S. and other oil consumers to increase its crude output to help rein in the oil price hike.

Ali al-Naimi is Saudi Arabian Oil Minister.

"As for the production of oil, whether it is going to increase or decrease, it depends on the demand from our customers. We don't just raise the production or reduce the production just for the sake of it, but as long as there is a consumer, you have to meet the needs of that consumer."

Earlier at the summit, Saudi King Abdullah announced that his country would pump 9.7 million barrels a day beginning in July, and it is willing to increase oil output if necessary.

The king also blamed speculation and taxes for high oil price and suggested to set up a program of one billion dollars similar to those that the Organization of Petroleum Exporting Countries set up before to solve the oil crisis.

The kingdom called for Sunday's unusual meeting in Jeddah between oil producing and consuming nations as a way to show that it was not deaf to international cries that high oil prices have caused social and economic turmoil.

 

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