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Conference in Jeddah is looking for answers to the crisis in oil prices |
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Sunday, 22 June 2008 |
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 Leaders of countries producing oil and the biggest consumers met in Jeddah in Saudi Arabia to seek ways to control the growing prices of black gold, which threaten the world economy.
Saudi Arabia pledged to increase yield, after the price of the barrel reached 140 dollars.
While governments stressed the shortage and growing demand, producing countries have declared that they will be taken to control of speculating which they have played a key role in doubled price for barrel last year. "What brought us together is the sincere desire to be responsible," said a press conference deputy oil minister of Saudi Arabia.
Saudi Arabia has already announced that it will increase the yield by 200 thousand barrels a day to 9.65 million barrels per day.
The meeting is expected to be exerted pressure to increase supply.
"We need more oil to world markets in order to stop increasing prices", said German Economy Minister Michael Glos.
British Prime Minister Gordon Brown called for a "new deal" between consumers and producers. |
World Business 
