Oil meeting scheduled for June 22 in Saudi Arabia

Business Materials 11 June 2008 01:57 (UTC +04:00)

( dpa ) - Saudi Arabia will host a meeting of oil producers and consumers on June 22 to discuss the rising price of oil, a source said on Tuesday.

Saudi Oil Minister Ali al-Nuaimi was asked by the cabinet yesterday to invite representatives of producer and consumer nations, oil companies, exporters and traders to discuss price hikes.

Saudi Arabia, the world's largest oil producer, has previously announced that it will work with the Organization of Petroleum Exporting Countries (OPEC) to curb the leap in prices.

The benchmark price for crude oil in New York surged to a record 139.12 dollar last Friday.

Last month, Saudi officials announced that production was increased by 300,000 barrels to meet customer demands after US President George W Bush pressed the kingdom to boost output to help end the volatility in world markets.