You are hereBlogs / WcP.Observer's blog / Oil prices soar, leaders gather for Saudi Arabia summit, OPEC president says output increase would be "illogical and irrational"

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 The statement was later withdrawn and it was thought the release was intended for tomorrow.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

Contact Us

RSS feed

Twitter

Facebook

Custom Search

By continuing to browse the site, you are agreeing to use of cookies. Find out more here.

Translate

Subscribe / Connect

Recent blog posts

Today's:

All time:

Google News - Sci/Tech

New York Times - Health

Archive Calendar

Random image

LuCxeed Photography: Nature's Gold (#06)

Search the Web

Custom Search

Latest Quote

"We come from the earth.
We return to the earth.
And in between we garden."
- Author Unknown

"If you have a garden and a library, you have everything you need."
- Cicero

Reader Reviews

"Great culture sharing. This is really important to show all over the world and different cultures and nature to whole world." - Anonymous (January 27, 2019)
"This is one of the most incredible blogs I've read in a very long time. The amount of information in here is stunning, like you practically wrote the book on the subject. Your blog is great for anyone who wants to understand this subject more. Great stuff; please keep it up!" - Anonymous (May 29, 2018)
"I am just happy to know about your website. It's informative and valuable for me. Thanks for sharing interesting info with us. Keep doing best in future." - Kelvin (May 28, 2018)
"Very good and creative website, graphics are wonderful." - Ricky (October 7, 2017)
"This is absolutely fantastic photography. I recommended to lovers of photography." - Christina (June 30, 2017)
"Your website seems to have precious gemstones on the subject of penning." - Bryce (March 29, 2017)
"Your articles are constantly awesome. You compose with exactness and your data is constantly precise. What's more, those two things make an article go from great to awesome! Continue distributing more extraordinary articles." - Ayesha (March 19, 2017)
"You are doing an amazing job." - Jake (January 4, 2017)
"I am an anthropology student and this site has helped me a lot to know more about the various cultures across the world. This is the reason I visit the site so often. Keep on sharing more and more posts like this. Thank you." - Anonymous (April 3, 2016)
"Your site is valuable. Appreciative for sharing! Awe inspiring Blog!" - Anonymous (March 16, 2016)
"This blog is the book which has feelings for around their lives. Will you produce intense addons." - Anonymous (January 26, 2016)
"Interesting quote. I have gone through different posts in this website. I could see different themed quotes and interesting posts here. I am much impressed with this website. Keep up the good work and keep sharing interesting stuff." - Howard (January 25, 2016)
"I was so impressed by it I felt I would reach out to you to say thank you. Great work...that's one great blog you've got there!" - Kayla (January 8, 2016)
"This is incredible. Finally something new. I was reading comics the whole time. This is the real fact, which I do not think anyone else has such a well written and updated blog like yours." - Zach (January 7, 2016)
"The Superbly defined stuff of reading, you constructed a masterpiece with your magical mind. Your writing skills are simply awesome. Great work!" - Katie (December 28, 2015)
"This really shows that you can still find folks that care about the things they post online. I really liked browsing the comments." - Myles (December 23, 2015)
"Yes i agree with the above poem that window is the world so far i have come across. Every thing comes from it. You have written in a very poetic way. Looking forward for more poems from this." - Anonymous (December 11, 2015)
"Every last tip of your post is incredible. You're really great to share. Keep blogging..." - Anonymous (December 8, 2015)
"I always take pleasure in your articles. You have a gift for discussing such stirring topics in ingenious yet amusing ways. Your posts help us realize that our troubles are typical, and we can solve them in ready to lend a hand ways..." - Angela (October 05, 2015)
"We all appreciate the power of words you always provide!" - Anonymous (October 05, 2015)
"So poetic..." - Anonymous (September 15, 2015)
"The method for composing is phenomenal furthermore the substance is first class. A debt of gratitude is in order for that knowledge you give the perusers!" - Anonymous (July 23, 2015)
"Your configuration, man...too astonishing! I cant hold up to peruse what you've got next.Thanks for your superb posting!" - Anonymous (July 16, 2015)
"I found myself starring at these photos. I cannot believe that I haven't seen them before, taking into account that I am mesmerized by sea and ocean as one can be by forces of nature. Thank you so much for putting them out here, because even though they were posted by such a giant as National Geographic, I still have missed them. Well, “dazed” is the exact word that describes the feeling that I felt when I first set my eyes in these photos." - Anonymous (July 14, 2015)
"I will check your different articles without further ado. Continuously so fascinating to visit your site. Thank you for sharing, this will help me such a great amount in my learning." - Anonymous (July 10, 2015)
"Extraordinary stuff, just basically astonishing! Keep it up in future. I am truly inspired by this site!" - Anonymous (July 3, 2015)
"I was reading your post since 2012 and you are writing so much outstanding ideas I must say you are a talented person." - William (June 29, 2015)
"I have never seen such amazing thoughts displayed in composing. Your author has an extremely one of a kind method for exhibiting data so as to catch the peruser's consideration." - Anonymous (June 27, 2015)
"Mind boggling posting! I really like the way you are sharing the exceptional tackle this subject." - Anonymous (June 25, 2015)
"I unquestionably appreciated all of it and I have you bookmarked your site to look at the new stuff you post in the future." - Anonymous (June 13, 2015)
"I was very thrilled to find this website. This is really interesting and I have recommended this site for my friends also. I had a fantastic read from this blog." - Anonymous (June 2, 2015)
""The exposition seeks to discover a haven inside character and communicate gratitude for life during its peaceful and thoughtful vibe." - Micheal (May 19, 2015)
"Fantastic Blog! I might want to thank for the efforts you have made in writing this post." - James (May 15, 2015)
"You are a good photographer your photography is good you click very nice shots which are very attractive and beautiful keep it up." - Ashlyn (May 5, 2015)
"Amazing! Great post! Wonderful pictures and well written article!" - Anonymous (March 10, 2015)
"Certainly worthwhile content! This is an excellent reference to spent time and gets authentic observation by reading." - Anonymous (February 12, 2015)
"Certainly exceptional blog! It is so wonderful content and acceptable with a clear concept. Thanks much!" - Lisa (January 13, 2015)
"Photography is my passion and like to learn something new about it. From your blog i have learned many things and i loved to read it thanks for sharing such a useful post" - Anonymous (January 1, 2015)
"Magnificent web blog! This is your superb consideration and appreciate your notion with this matter. Thanks a lot for sharing!" - Lisa (December 20, 2014)
"Undoubtedly enjoyed this blog! You set the subject content with exceptional abilities and a bit on the right track." - Lisa (December 17, 2014)
"It's an extraordinary joy perusing your post. It's loaded with data I am searching for and I want to post a remark that the substance of your post is wonderful. Thanks! :)" - Lilia (July 31, 2014)
"I do not even understand how I finished up right here, but I thought this to be great. I do not recognise who you are however certainly you
are going to a famous blogger for those who are not already. Cheers!" - Gerald (July 24, 2014)
"Your blog is very informative. Also the images in it are beautiful!" - Anonymous (January 8, 2014)
"It is tempting to comment because of the amazing content on this blog. I wish I had a blog like this." - Anonymous (December 27, 2013)
"Thanks for trying to make the world a better place." - Anonymous (July 16, 2013)
"I have added to my favorites. I just found this blog and have high hopes for it to continue. I believe this really is excellent information. Most of men and women will concur with you and I ought to thank you about it. Thanks for sharing." - Anonymous (May 16, 2013)
"This is awesome! Your photos are perfectly taken! It captured the decisive moment. I am a fan already." - Sarah (Apr. 15, 2013)
"Can I just say what a relief to obtain a person who truly knows what they're talking about on the web. You certainly know easy methods to bring an issue to light and make it critical. Extra individuals must read this and comprehend this side of the story. I can't believe you're not even more well-liked considering that you absolutely have the gift." - Anonymous (Jan. 23, 2013)
"I wish to show my thanks to the creator of this blog. Keep contributing a good concepts and strategies. Many people will surely improve their skills by reading blogs like this." - Anonymous (Dec. 25, 2012)
"I really like your style but mostly your initiative. The world needs more writers like yourself." - Steve (Jan. 18, 2012)
"It must be very rewarding to have a long term project like this and too see the progress being made! Thanks for sharing it." - Mika (Jan. 18, 2012)
"This was a very eye opening video. It's made an impact on me. We're so unaware of the things that we do every day can destroy our ecosystem. The statistics are mind blogging especially the fact that 90% of big fish are gone. We need to stop this somehow. I'm going to spread this page to my mutual friends. Thanks for this." - Joseph (Jan. 15, 2012)
"I enjoy this blog a lot." - Liz (California, USA; Oct. 17, 2011)
"Keep up the good work you're doing." - Casper (Melbourne, Australia)
"Thanks for sharing some great content through your blog. It has been a sincere pleasure to read." - Anonymous
"Always fresh and fascinating." - Anonymous
"Cool bio[mission statement]." - Darin (California, USA)
"You have some beautiful images. Love your site!" - Susan (Washington DC, USA)
"I love your Blog." - Kate (Ireland)
"A great site highlighting many important issues." - Bob (New Zealand; Feb. 20, 2010)
"Love the images on this blog..there are some interesting articles about health I noticed...we tend to run a 50/50 risk of a heart attack...I noticed when in the USA recently everyone seemed huge..they ate massive meals...I reckon that is one cause of heart failure...just my opinion..but yeah these articles can be worrying to some folk so just heed the advice...I know I will." - Mick (The Sunshine Coast, Australia; Aug 29, 2009)
"Excellent blog." - Bill (Vancouver Island, Canada)
"Fantastic blog and educational articles, much enjoy visiting...Thank you!" - Lotus1150 (Alberta, Canada; Aug 28, 2009)
"Great site and awesome photos." - David (Washington DC, USA)
"I loved your website. Even finding some news about Turkey made me surprised." - Anonymous (Turkey)
"Gorgeous site ... the kind of place you could lose yourself for hours (suppose that was intentional?). Also, cartoons, commentary on the events of the times, etc. Great stuff." - Daniel (Nevada, USA; Jan. 03, 2009)
"...may your blog, ideas and efforts help many more people." - Anonymous (New Mexico, USA)
"Very cool site..." - Anonymous
"Amazing site, worth the visit every time... enjoy." - Sam (Saudi Arabia)
"Easy to read and well-designed." - Colin (Arizona, USA; Apr. 22, 2009)
"Unique mix of news, photos and poetry." - Frasier (Virginia, USA)
"Worldculturepictorial.com/blog is an extremely interesting collection of news articles. It calls itself "A Window On the World". The site contains a wide variety of topics, all very informative and pertinent to life in today's world." - Cynthia (Massachusetts, USA; Aug. 07 2008)
"Wow. Cool." - Christopher (Melbourne, Australia; Dec. 10 2008)
"An interesting way to check out the wonders of our world." - Anthony (Ohio, USA)
"Nice site, especially the rss icon." - Daniel (California, USA; Sep 10, 2008)
"Good blog - Everything from news to photography. Very informative." - "explicitmemory" (Texas, USA)
"Very informative site by prose and picture..." - Jeff (Michigan, USA)

Share yours

Linkroll

AdSense unconfigured block. Click to configure.