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OPEC rejects Western plea for more oil

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OPEC rejects Western plea for more oil


An emergency OPEC oil summit in Jeddah, Saudi Arabia, has opened with oil producing nations debating how they should respond, if at all, to the current leap in oil prices.

The summit is bringing together 36 oil consuming and producing nations, 22 oil companies, and seven international organisations.

While the Saudis have annouced a modest rise in their production to help improve supply, OPEC as a whole does not believe the current situation of rising prices is its fault, and rules out a cartel-wide rise in the number of barrels it pumps.

Many key customers are however putting pressure on the oilmen to get more onto the market and calm fuel protests that are costing politicians dear around the world.

OPEC says it will hold a second summit in London in October, but in Europe there is still no sign of fresh ideas to end the upward energy spiral, also widely blamed for driving higher inflation.

Motorists may be on the frontline, as are hauliers who are struggling with higher diesel and who today in Spain mounted another Operation Snail creating long traffic jams on many major highways. But Europe’s leaders are most worried about inflation, which would hit everyone, and that is why so many are demanding OPEC takes a lead.

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