Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz will attend the upcoming meeting between oil producers and consumers, Minister of Petroleum and Mineral Affairs Ali Al-Naimi said today.
The meeting is scheduled to be held in Jeddah on June 22.
In remarks to the press, Al-Naimi said that the meeting will address rising oil prices that are unjustified by market fundamentals and propose solutions for dealing with them. The summit is expected to contribute positively to the stability of global oil markets, he added.
Major oil producing and consuming countries were invited to the meeting, including Organization of Petroleum Exporting Countries (OPEC) member states, Russia, Norway, Mexico, Brazil, the United States, Britain, Germany, France, Japan, China, India and South Africa.
International organizations invited include the International Energy Forum, OPEC, the International Energy Agency, the European Commission for Energy as well as major oil companies.