The statement came during a hastily
arranged oil summit in Jeddah, which called for more investment in oil
production and greater financial market transparency.
Leaders of 35 nations attending the summit agreed current record high oil prices are hammering the world economy.
Current
prices and their volatility are detrimental to the global economy, and
in particular the economies of least developed countries," the final
communique of the summit said.
Though host Saudi Arabia, the
world's biggest oil exporter, vowed to pump more oil in response to
consumer countries' requests, it noted that an output boost will not
suffice to calm a market driven by an array of factors.
Saudi
Oil Minister Ali al-Nuaimi said the country's production capacity will
rise to 12.5 million barrels per day by the end of next year and
another 2.5 million bpd could be added if demand warranted.
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