Saudis call for global oil summit

06/10/2008 | Arab News (Saudi Arabia)

Saudi Arabia has called for an oil summit so that oil-producing countries, consuming countries and petroleum companies can grapple with record prices for crude. "Current oil prices are unjustifiable in terms of petroleum facts and market fundamentals," the Saudi cabinet said in a statement. Consuming countries want OPEC to increase its output to drive down oil prices. OPEC blames the weak dollar, speculation and political tension for the price spiral.

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Arab News (Saudi Arabia)

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