Our Awful Situation

Saudi calls for talks with oil consumers

Posted by Charlie Kilo on June 9th, 2008

This is strange. The Saudis just told George Bush to go pound sand over oil prices. Now, only weeks later they want to talk?

Oil kingpin Saudi Arabia called on Monday for talks with consumer nations on soaring world prices and reiterated its readiness to meet any increase in demand. At a meeting chaired by King Abdullah, the Saudi cabinet restated its view that the leap in prices that saw New York’s benchmark contract hit a record 138.54 dollars on Friday was unjustified by fundamentals.

But it added that it had asked Oil Minister Ali al-Nuaimi to “convene a meeting soon of representatives of producer and consumer nations and firms operating in the production, export and trading of oil to discuss the jump in prices, its causes and how to deal with it objectively”.

“Saudi Arabia … has notified all oil companies with which it does business, as well as consumer nations, of its readiness to provide them with any additional quantities of oil they need,” added the cabinet statement carried by the official SPA news agency.

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Our Awful Situation

Saudi calls for talks with oil consumers

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