Minister of Culture and Information of Saudi Arabia Maidani said on the 9th that Saudi Arabia will call on global oil producers and consumers to convene a meeting to discuss countermeasures for high oil prices, and to take concerted measures to prevent oil prices from rising “without reasonable reasonâ€.
Maidani said: "The Saudi government has already instructed Minister of Oil and Mineral Resources Naimi to organize a meeting recently to study the reasons for the rise in oil prices and their countermeasures. The meeting plans to invite representatives from major oil producers and consumer countries."
Analysts are cautious about the call for Saudi Arabia to hold an international conference. They believe that in the current OPEC countries, the remaining production capacity of all members except Saudi Arabia is already very small. Saudi Arabia currently produces 9.4 million barrels of crude oil a day, and still has about 2 million barrels of remaining production capacity. However, if the meeting can not come up with a substantive plan, it will not have a major impact on oil prices.
The New York market index crude oil futures prices hit record highs and highest single-day gains on the 6th, reaching a historical record of close to 140 US dollars per barrel. On the 9th, the New York index oil price fell sharply and closed at US$134.35 per barrel.
Maidani said that the current soaring oil price is unreasonable. If this "crazy oil price" continues, it will definitely have a huge negative impact on the global economy. In particular, developing countries will suffer. He said that Saudi Arabia and the Organization of Petroleum Exporting Countries (OPEC) will "guarantee the full supply of current and future crude oil" to prevent the high oil prices from affecting the development of the world economy.
After Saudi Arabia made the above statement, the United States quickly welcomed it. A spokesperson for the Prime Minister’s Office in Downing Street in the United Kingdom also welcomed the spokesperson. “As the Saudi minister said, the current international oil price is unreasonable. We will do everything in our power to ensure that the international community can cope with the supply and demand in the oil market.â€
British Prime Minister Gordon Brown said last month that the world may face a "third oil crisis" because of the continuous increase in demand and continued tight supply. However, OPEC has always believed that the current supply and demand of the international crude oil market remains in balance. Factors such as the depreciation of the U.S. dollar, speculation and the subprime mortgage crisis are the real reason for the soaring oil price.
In addition to the contradiction between supply and demand, whether there is price manipulation in the oil market and how to avoid excessive speculation in the oil futures market is also a core topic of public opinion and politics. The US Commodity Futures Trading Commission (CFTC) has issued measures last month, intending to strengthen the management of the oil futures market, and will hold a meeting entitled “Price manipulation in the international energy market†on the 11th and the 12th of this month. The US House Energy and Commerce Committee will also hold a hearing entitled "Energy speculation: whether more regulatory measures are needed to prevent price manipulation" on the 23rd.
Analysts believe that the international oil market is facing the challenge of maintaining a "tough balance" between supply and demand, and the outside world is facing challenges such as the devaluation of the US dollar, hot money speculation, and price manipulation. Therefore, to solve the oil price issue requires cooperation between all parties, it is necessary to balance supply and demand in the long term, but also need to improve the energy market supervision rules as soon as possible.
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