Officials in Saudi Arabia are alarmed with the unjustifiable rise in oil prices. This led for them to call for an urgent meeting concerning oil producing and consuming countries. According to the cabinet, current oil prices are unjustifiable and the projected gas prices were horrible to even think of.
Despite the many speculations that oil supply is insufficient, Saudi stressed out that there is enough supply. Officials in Saudi pointed out that the supply from them must not be the aspect to be looked at but the current weakness of the dollar and the ongoing tension between Israel and Iran which is the world's fourth largest oil exporter. They stated in the conference that Saudi Arabia had increased its oil production already for the month of June to take on the demands for crude products. Hopefully this will lower the current highest gas price.
Saudi Arabia is presently coordinating with the OPEC and other major producers to make sure that oil supply is adequate to lessen the abnormal oil price hike.
Petroleum and Mineral Resources Minister Ali Al-Naimi was assigned to call for the oil conference which included representatives from oil producing and consuming countries as well as companies involved in the production and sale of oil.
In the conference, OPEC president Chakib Khelil agreed that the currently weak value of dollar as well as the political tensions make up for the matter of oil crisis. Without these, oil prices would have stayed around $70 per barrel. If these things get furnished, oil prices might possibly go back to normal.
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