Saudi Arabia holds oil price summit

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Saudi Arabia holds oil price summit

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The world’s leading oil producers are to hold crisis meetings in Jeddah on Sunday to discuss the soaring price of oil.

OPEC countries could agree to boost oil supply in an attempt to ease world demand.

The world’s biggest producer Saudi Arabia has already said it will raise output to 9.7million barrels a day.

And US Energy Secretary Sam Bodman, said ‘anything that adds supply to the market is important.

Producers will discuss several measures to increase capacity, however many blame market speculation and not supply behind high prices.

We will meet demand if demand becomes reality, and customers ask for crude we shall sell them because the clients, our clients require more.

The oil price has more than doubled in a year to almost a hundred and forty dollars a barrel causing widespread hardship for drivers at the pumps.

And with largescale global protests over the record price of fuel many Western leaders have been lobbying Opec heavily to produce more middle eastern crude.