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Saudi seeks meeting to tackle high oil prices

RIYADH, Saudi Arabia -- Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday, according to the Associated Press.

The kingdom will also work with OPEC to "guarantee the availability of oil supplies now and in the future," the minister said following the weekly Cabinet meeting, held in the seaport city of Jiddah.

The Saudi announcement comes just three days after the biggest single-day price leap ever, when oil surged more than $11 to surpass $139 per barrel.

Posted by Peter C. T. Elsworth  at 1:38 PM to Crude oil market | Permalink

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