Saudi Arabia gears up for Jeddah oil summit

June 20, 2008

Saudi Arabia is gearing up for this weekend’s oil summit in Jeddah between producing and consuming countries.

The June 22 meeting is being held to address rising oil prices that are unjustified by market fundamentals and propose solutions for dealing with them. Prime ministers, oil ministers and senior officials from 35 countries are expected to participate.

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz will deliver opening remarks before the closed-door meeting. British Prime Minister Gordon Brown is also expected to address the gathering.

On the second day of the meeting, the press has been invited to visit the expansion of the Khurais facility, which has a production capacity of 1.2 million bpd of crude oil. The largest expansion project in the Kingdom, Khurais is expected to be completed by mid-2009.

Major oil producing and consuming countries were invited to attend the summit, 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 more than 25 major oil companies.

Saudi Arabia has long been committed to seeking stability in global oil markets, ensuring that supply is sufficient to meet demand, and promoting dialogue between consumers and producers.

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