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Saudi summit calls for greater transparency in oil deals

(Xinhua)
Updated: 2008-06-23 08:53

JEDDAH, Saudi Arabia -- The Jeddah energy summit on Sunday called for "improved" transparency and regulation in oil production and financial markets dealing in crude oil, said a final communique of this summit.

As for the financial markets, which have been playing an active role in the oil price hike, leaders and ministers from the 36 nations said "the transparency and regulation of financial markets should be improved through measures to capture more data on index fund activity and to examine cross-exchange interactions in the crude market."

Saudi Arabia's King Abdullah (C) escorted by Saudi Princes poses with delegates of the Jeddah Energy Meeting during a group photo session June 22, 2008. [Agencies]

The communique also suggested that the Joint Oil Data Initiative (JODI) should be enhanced in order to further improve market transparency and stability. Worldwide authorities involved in JODI are called upon to "start work to cover annual data, that includes, among other things, upstream and downstream capacities and expansion plans."

Earlier at the summit, Saudi King Abdullah announced that his country would pump 9.7 million barrels a day beginning in July, and it is willing to increase oil output if necessary. Saudi Arabia currently is the world's largest oil exporter.

Saudi King Abdullah (C) is seen with Britain's Prime Minister Gordon Brown (R) and Chinese Vice President Xi Jinping (L) at the opening ceremony of the Jeddah Energy Meeting June 22, 2008. [Agencies]

The increasing oil prices have hit almost US$135 per barrel on Friday, which affect consumers and economies across the United States, Europe and much of the world. Many countries have experienced social unrest and economic turmoil.

Oil producers accused "speculators" of playing a key role in the spectacular rise in oil prices.

Saudi Arabia called for Sunday's unusual meeting in Jeddah between oil producing and consuming nations, as a way to show that it was not deaf to international cries that high oil prices have caused social and economic chaos.