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With the oil price still soaring, the most influential figures in the world’s oil and gas industries are meeting in Madrid this week.

The World Petroleum Congress brings together energy ministers and company executives.

It is being held just one week after the summit of major oil producers in Saudi Arabia.

While the customer at the pump is struggling to make ends meet, the major oil companies including BP, Royal Dutch Shell, Exxon Mobil and Gazprom say they have to balance profits against customer accusations that they are cashing in.

Mass protests across Europe have seen fishermen dock their boats and truckers snarl up motorways in protest at crippling fuel costs.

The energy giants and petrol producers insist they are not to blame, putting the problem down to speculation.

Copyright © 2014 euronews