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News Update
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Background paper discussed at Energy Meeting
JEDDAH: The Jeddah Energy Meeting held here on Sunday
discussed the background paper prepared jointly by Saudi
Arabia, the International Energy Agency, the International
Energy Forum and the Organization of Petroleum Exporting
Countries. The special meeting, which was inaugurated by
Custodian of the Two Holy Mosques King Abdullah and attended
by representatives of 36 countries including British Prime
Minister Gordon Brown and US Energy Secretary Sam Bodman,
sought to identify the causes and consequences of the recent
price behavior and suggested areas of improvement for the
efficient operation of the oil market. It called for global
efforts to stabilize the international oil market. The paper
said in its introduction that spot and long-term oil futures
prices had risen sharply in the recent past. This has been
accompanied by an increase in price volatility. |
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