Oil-industry heavy hitters likely won't agree on any solid action to lower oil prices in the short term during a special weekend meeting convened by this production giant
Oil-industry heavy hitters likely won't agree on any solid action to lower oil prices in the short term during a special weekend meeting convened by this production giant.
Instead, the gathering may turn to finger-pointing - with consumer countries urging more output from Saudi Arabia while producers call on gas-guzzlers and speculators to ease off and do their part.
Still he said the conference, which opens Sunday, was not a bad idea.
The stark reality is that no one can agree on which of the numerous factors driving oil so high should be tackled. Saudi Arabia's calling of the conference reflects its worry that the spiralling price could hurt the world economies that it needs to buy its oil - and its worry that it is being blamed.
The kingdom's message to the conference will be that OPEC will do what it can to stabilize oil prices and that the kingdom is ready to meet demand - but also, that it and other producers are not to blame for high prices. Reducing prices, it has said repeatedly over recent months, requires a collective effort, including from consumers.
During the gathering, the kingdom likely will officially announce an increase in its oil output by 200,000 barrels a day, bringing its total production to 9.7 million barrels a day. It will also likely sign an agreement with French energy giant Total SA for a new refinery in the eastern city of Jubeil that can process 400,000 barrels of crude a day and will come online in 2012.
