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Oil prices soar, leaders gather for Saudi Arabia summit, OPEC president says output increase would be "illogical and irrational"

By WcP.Observer - Posted on 20 June 2008

The summit in Saudi Arabia will discuss opening up Middle East oilfields to energy majors such as BP

(quote)

Oil prices surged as some members of the Opec producers' cartel rejected demands to increase output ahead of tomorrow's meeting in Saudi Arabia to discuss soaring fuel costs. The president of Opec, Chakib Khelil, said yesterday that it would be "illogical and irrational" for it to increase output.

On Thursday oil prices fell sharply - around $5 a barrel - after Saudi Arabia announced a production hike of 200,000 barrels a day and China increased fuel prices by dropping subsidies.

Saudi Arabia had said it will boost oil production next month

But yesterday, New York's main oil futures contract, light sweet crude for July delivery, jumped $4.27 to $136.20 a barrel at one stage and in London Brent North Sea crude for August rose $3.46 to $134.46.

Venezuela initially refused to attend the meeting, but energy minister Rafael Ramirez reportedly changed his mind at the last minute after blaming speculators and the falling dollar for the high prices. Meanwhile, Iran said raising output would not curtail prices.

Saudi Arabia, the world's largest producer and the de facto leader of Opec, called the summit in the hope of easing the strains on consuming economies caused by soaring oil prices.

skyrocketing oil prices

In what appeared to be a mistake on Thursday, the country's London embassy website said it was boosting its daily oil output by 200,000 barrels. The statement was later withdrawn and it was thought the release was intended for tomorrow.

Prime Minister Gordon Brown, America's energy secretary Sam Bodman and senior ministers from other countries, including China, will be at the Jeddah summit. Jeroen van der Veer, chief executive of Royal Dutch Shell, and Tony Hayward, his opposite number at BP, are among the senior businessmen attending.

The summit will also discuss opening up Middle East oilfields to energy majors like BP, and foreign investments from sovereign wealth funds in the Gulf.

(unquote)

Images courtesy of Reuters, BBC News, and Luis Vasquez/Gulf News

Original Source: Telegraph

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