Sunday, June 22, 2008

BBC NEWS | Business | Oil summit calls for supply boost

BBC NEWS | Business | Oil summit calls for supply boost

Leading oil exporters have acknowledged the need to boost supplies to curb soaring prices but stopped short of specific commitments on extra output.

Following their crisis summit in Saudi Arabia, officials noted price levels were "hostile" and more investment was needed to ensure "adequate" supplies.

Saudi Arabia blamed speculation, not lack of supply, for surging prices but said it was willing to raise output.

Earlier, Gordon Brown said more supply was needed to ease price "instability".

'Ready to act'

The US, UK and other major consumers of oil have urged producers to boost supply, blaming lack of capacity for the recent price surge.

Business Secretary John Hutton reacts to Jeddah summit

In a statement issued at the end of the meeting in Jeddah, officials from Opec oil exporters and consumers said "an appropriate increase in investment" in production was needed to ensure that the markets were "well supplied in a timely and adequate manner"...

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