Saudi Arabia says it is prepared to increase its production of crude oil in a bid to stabilise soaring prices.
Deputy Oil Minister Prince Abdulaziz bin Salman made the statement at a press conference in Jeddah just hours prior to a meeting of key oil producing and consuming states. Saudi Arabia called the meeting after crude oil prices doubled over the past 12 months, hitting just under US $140 per barrel on Friday. Documents obtained prior to the start of the talks indicate that the participants will likely call for more transparency and regulation of energy markets. However there seems to be little agreement about what is causing the problem. The Organisation of Petroleum Exporting Countries argues that market speculators are to Big plans ...
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(Deutsche Welle)
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