Originally published by the Voice of America (www.voanews.com).
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June 22, 2008

Saudi Arabia King Blames High Oil Prices on Speculators, Taxes 
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http://enews.voanews.com/t?ctl=1CCF264:A6F02AD83191E160E1A871D5527BD82121A4E82C900CD027&
 
Saudi king proposed the creation of an energy initiative to help poor
countries cope with the high cost of fuel 
Saudi Arabia's King Abdullah says soaring oil prices can be blamed on
speculation and taxes.

       Saudi King Abdullah, center, British Prime Minister Gordon Brown,
right, and Chinese Vice President Xi Jinping, left, seen during the
Saudi Oil summit in Jiddah, Saudi Arabia, on Sunday, 22 June 2008King
Abdullah made the comment at the opening of an oil summit in Jeddah
Sunday. The world's leading oil producers and consumers are attending
the talks.

 The Saudi king proposed the creation of an energy initiative to help
poor countries cope with the high cost of fuel. He said he would give
one billion dollars to the Organization of Petroleum Exporting Countries
(OPEC) and provide $500 million in soft loans, which have a below-market
rate of interest.

 The Saudis are expected to formally announce plans at the meeting to
increase oil production by 200-thousand barrels a day in July. 

 On Saturday, Saudi Arabia said it is ready to pump more crude oil, in a
bid to stabilize prices. The Saudi deputy oil minister, Prince Abdulaziz
bin Salman, said Riyadh is prepared to meet the demands of its
customers.

 Iran has said increasing oil production will not help to bring prices
down. Iran is OPEC's second-largest oil producer after Saudi Arabia.

 

 


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