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Oil prices rise after Jeddah summit

Oil prices rise after Jeddah summit
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First Published: Mon, Jun 23 2008. 10 58 AM IST
Updated: Mon, Jun 23 2008. 10 58 AM IST
AFP
Singapore: World oil prices rose in Asian trading after Saudi Arabia said at a weekend summit that it had raised output, and said speculators were partly to blame for higher prices.
New York’s main oil futures contract, light sweet crude for August delivery, was 29 cents higher at $135.65 per barrel.
The July contract leapt $2.69 to close at $134.62 per barrel before expiring on 20 June.
Brent North Sea crude for August was 22 cents higher at $135.08 a barrel after rising $2.86 to settle at $134.86 per barrel on 20 June in London.
At an unusual weekend summit of producer and consumer nations called to discuss soaring oil prices, Saudi Arabia’s King Abdullah condemned oil “speculators”.
The summit in Jeddah called for greater transparency in market dealings, and for an increase in investment to ensure that the markets are adequately supplied.
Saudi output has risen to 9.7 million barrels a day, the king said, vowing to further increase production if necessary to defuse market tensions which have sent the price of a barrel of oil up to almost $140— sparking angry protests in several countries.
The monarch, who said Saudi Arabia would give $1.5 billion to efforts to ease energy shortages in poor nations, told the 36-nation summit his country was “very concerned” about consumers worldwide.
He blamed increased oil consumption and taxes on fuel, but added: “Among other factors behind this unjust increase in oil prices is the abhorrent act of speculators acting for their own selfish interests.”
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First Published: Mon, Jun 23 2008. 10 58 AM IST