Commodity Online
RIYADH : Saudi Arabia’s influential Petroleum and Mineral Resources Minister Ali Al-Naimi on Friday said, the oil summit next week is aimed at finding a solution to the crippling fuel crisis across the world.

Al-Naimi also reiterated that market fundamentals, such as supply and demand, do not justify current prices, which were trading near $135 a barrel on Friday.

Speaking to reporters here he said, “Saudi Arabia called this meeting based on its positive role in international relations and its commitment to the world economy and a balanced global oil market.”

Meanwhile, OPEC yesterday became the latest group to cut its forecast for global growth in oil demand in 2008 for the third time this year, adding also that it is pumping more than the forecast demand for its oil.

Global oil demand was now projected to grow by 1.28 percent in 2008, compared with the previous estimate of 1.35 percent, the Organization of Petroleum Exporting countries said in its June monthly report.

“World oil demand growth (in 2008) is forecast to grow by 1.1 million barrels per day (bpd) to average 86.88 million bpd, a downward revision of 0.1 million bpd from the previous report,” OPEC said.