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Saudi king says to increase oil output

(Xinhua)
Updated: 2008-06-22 20:28

JEDDAH, Saudi Arabia - Saudi King Abdullah said at the opening ceremony of the Jeddah oil meeting that his country has increased output to 9.7 million barrels a day and it is willing to increase oil output if necessary.

Saudi King Abdullah (2nd L) welcomes Japan's Economy Minister Akira Amari in Jeddah June 22, 2008. The world's largest oil exporter Saudi Arabia on Sunday proposed setting up a $1 billion OPEC fund and offered $500 million in Saudi soft loans to help poor countries cope with the high price of energy. [Agencies]

The king blamed speculation and taxes for high oil price and suggested to set up a program of 1 billion U.S. dollars similar to those that the Organization of Petroleum Exporting Countries (OPEC) set up before to solve the oil crisis.

The king also announced that Saudi Arabia will finance offer 500 million dollars of loan to developing countries for their developing and energy needs.

He said cooperation should be cornerstone of efforts, calling the meeting to set up a working group after the meeting is concluded to track the development of global energy market.

The meeting which gathers leaders of global oil powers and consumer nations opened on Sunday in a bid to seek ways to control oil price hikes.  

Major oil producers and consumers as well as leaders from big oil firms and international organizations attended the one-day conference aimed at seeking solutions to the soaring oil prices.

Chinese Vice President Xi Jinping, who is on an official visit to Saudi Arabia, was also among the participants together with U.S. Energy Secretary Samuel W. Bodman, British Prime Minister Gordon Brown and Secretary General of OPEC Abdullah al-Badri.

The meeting came as Saudi Arabia, the world's top oil exporter, is now under unprecedented pressure after the world's oil prices have witnessed historical highs time and again in recent months, triggering protests worldwide and concerns over its damage to world's economic growth and energy security.