Oil prices would not ease even if production were raised because speculation and taxes are behind the soaring market...
Oil prices would not ease even if production were raised because speculation and taxes are behind the soaring market, Saudi Arabia's King Abdullah was quoted as saying in a Kuwaiti newspaper on Tuesday.
He added that speculators and duties on fuel in some countries were among reasons for the high prices.
Saudi Oil Minister Ali al-Naimi said on Monday top exporter Saudi Arabia stands ready to pump as much oil as its customers require, but supply for now was adequate.
Riyadh has already promised to pump 9.7 million barrels per day (bpd) in July, marking an increase in output of 550,000 bpd since May.
The kingdom summoned the world's energy powers to an unprecedented meeting in Jeddah in June in response to record price moves.
