Oil consumers, producers to discuss sky-high prices
The world's top oil producers and consumers convene in Jeddah, Saudi Arabia tomorrow to grapple with record high oil prices, with some OPEC members baulking at consumer demands for more crude. While Saudi Arabia, the world's biggest oil exporter, was widely expected to announce an output hike at the meeting, OPEC president Chakib Khelil slammed consumer pressure for a production increase to take pressure off soaring prices. "To ask the oil producers to increase their output is illogical and irrational," Khelil was quoted as saying today by the Algerian news service APS.