Saudi summit aimed at rising oil prices
2008-06-20 19:15:50 (GMT) (Caymanmama.com - Business News)Sedona, Arizona (CaymanMama.com) — This weekend, a special summit will be convened by Saudi Arabia over the soaring oil prices so as to devise ways so as to check the escalating prices of crude oil while providing cheaper oil in the world market. However, the decision to produce more oil will not be without a demand as Saudi Arabia will ask USA to ensure greater checks and controls in oil trading while taking adequate steps so as to strengthen the position of dollar.
Saudi Arabia is a well known largest producer of oil and is taking a big step from coming out of its role of a de facto head of OPEC while hosting a summit with many other oil producing nations, companies and consumer nations. It is widely believed that Saudi Arabia is greatly concerned about the rising prices. On Thursday, the price of crude oil reached around $134 per barrel.
The present cost is almost double of last year’s price. This will definitely lead to a fall in the demand for crude oil due to the global slowdown of economy where consumers will be looking forward to suitable alternatives. One of the major sings of anxiety that is faced Saudi government is the fact that the decision based on the production of oil is in the hands of Royal Family instead of oil minister.
However, OPEC is not open to raise the production of oil. However, many states that have been basking enjoying the inflated price say that there is no shortage for crude oil. This line has been followed by the Saudis as well. Well, Saudi Arabia says that it will be pumping more oil amidst the visit of President George Bush where while promising to increase the production with an increase by 300,000 barrels. Last week, Saudi Arabia said that it will be providing additional 200,000 barrels.
CaymanMama.com - Press Release Distribution Service
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