The world's top energy policymakers meeting in the Red Sea city of Jeddah have called for greater transparency and regulation in dealings and more investment in oil production.
The Sporting chance ...
Despite Bush appeal, Saudis see no reason to up oil output ... summit was called to halt runaway oil prices that last week hit a record of nearly 140 dollars per barrel. At the meeting, host Saudi Arabia and other oil producers claimed that "speculators" were partly behind the dramatic rise in crude prices. However, Saudi Arabia agreed to pump more oil in response to consumer countries' requests, but said that alone would not be enough to calm the market. US officials argued that production has not kept pace with the growing demand for oil from developing countries like China and India.
(Deutsche Welle)
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