Saudi king announces oil production boost
Saudi Arabia's King Abdullah announced Sunday that his country has increased output to 9.7 million barrels a day as he opened a summit on the soaring international price of crude.
The king also said Saudi Arabia would give one billion dollars to an OPEC fund for developing countries and give 500 million dollars in soft loans for poor countries to finance energy and development projects
OPEC has argued that speculation and the weak dollar are behind the record prices
Leaders of global oil powers and consumer nations gathered in Jeddah on Sunday seeking ways to control spiralling oil prices seen as a mounting threat to the world economy.
OPEC president Chakib Khelil opposed increased production to counter record oil costs saying "the price is disconnected from fundamentals" of supply and demand
Western consumer nations at the Jeddah summit want increased production to ease supply concerns which they say have forced prices up to almost 140 dollars a barrel. OPEC countries say market "speculators" have played a key role in pushing up global prices
But Saudi Arabia is one of the nations that wants action against "speculators" and its gesture in increasing production has not been matched by most other members of OPEC which accounts for about 40 percent of world output
Oil prices drop further from record highs
It had struck a record high of 139.89 dollars on Monday as fresh supply jitters
Saudi Arabia's King Abdullah announced Sunday that his country has increased output to 9.7 million barrels a day as he opened a summit on the soaring international price of crude.
The king also said Saudi Arabia would give one billion dollars to an OPEC fund for developing countries and give 500 million dollars in soft loans for poor countries to finance energy and development projects
OPEC has argued that speculation and the weak dollar are behind the record prices
Leaders of global oil powers and consumer nations gathered in Jeddah on Sunday seeking ways to control spiralling oil prices seen as a mounting threat to the world economy.
OPEC president Chakib Khelil opposed increased production to counter record oil costs saying "the price is disconnected from fundamentals" of supply and demand
Western consumer nations at the Jeddah summit want increased production to ease supply concerns which they say have forced prices up to almost 140 dollars a barrel. OPEC countries say market "speculators" have played a key role in pushing up global prices
But Saudi Arabia is one of the nations that wants action against "speculators" and its gesture in increasing production has not been matched by most other members of OPEC which accounts for about 40 percent of world output
Oil prices drop further from record highs
It had struck a record high of 139.89 dollars on Monday as fresh supply jitters
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حسبنا الله ونعم الوكيل علي القتلة المجرمين الشيعة الحمساويين
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