IEA welcomes Saudi meeting on oil prices

June 12, 2008

The Paris-based International Energy Agency (IEA) has welcomed Saudi Arabia’s invitation to host a meeting of oil producers and consumers to discuss the recent increase in oil prices. The meeting is due to be held in Jeddah June 22.

The Saudi initiative can contribute to enhanced dialogue between producers and consumers and convey clear messages that oil supply is going to keep pace with demand in the coming years, IEA Executive Director Nobuo Tanaka said in a press release issued today.

The White House has also welcomed the meeting. Secretary of Energy Samuel Bodman is expected to attend on behalf of the United States.