Last Updated :
01 July 2008 at 19:05 IST
Output increase alone won't reduce oil price: Saudi
Commodity Online
RIYADH : Saudi Arabia on Tuesday said, increasing output alone will not pull down spiraling oil prices and indicated prices will remain high.
Speaking to Kuwaiti daily Arab Times Saudi King Abdullah said,” As an oil producing country, we are not linked to such indications or observations. We market our products in the international community based on the current prices, whether high or low,”.
Asserting that Saudi Arabia had nothing to do with speculation in oil prices, he said: “Worldwide development is in the offing, hence, there is a growing demand for oil.”
The Saudi monarch’s comments came just over a week after a meeting of oil producing and consuming countries Saudi Arabia had convened in Jeddah to discuss the skyrocketing oil prices.
The Saudi monarch’s comments came just over a week after a meeting of oil producing and consuming countries Saudi Arabia had convened in Jeddah to discuss the skyrocketing oil prices.
Answering a question on the results of the Jeddah meeting, he said: “The oil consuming and producing countries should look into the issue to identify the real cause.”
He said it was wrong to blame the Organization of Petroleum Exporting Countries (Opec) for the current trend in world oil prices.
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