JEDDAH, Saudi Arabia, June 22 (Xinhua) -- 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. (Xinhua/Reuters
Photo) Photo
Gallery>>>
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. (Xinhua/Reuters Photo) Photo
Gallery>>>
The increasing oil prices have hit almost 135 U.S.
dollars 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.
Saudi King Abdullah (C) poses with oil
ministers during a group photo session during the Jeddah Energy Meeting
June 22, 2008. (Xinhua/Reuters Photo) Photo
Gallery>>>
Chinese Vice President Xi Jinping
addresses the the international energy meeting held in Jeddah, Aaudi
Arabia on Sunday. (Xinhua Photo) Photo
Gallery>>>
JEDDAH, Saudi Arabia, June 22 (Xinhua) -- Chinese Vice
President Xi Jinping on Sunday called on nations to step up in-depth energy
cooperation, exploration of clean energy and maintenance of a healthy energy
market, to solve the current energy problems.
Xi made the remarks while attending the international
energy meeting here on Sunday. He noted that the recent dramatic surge in oil
prices worldwide have posed grim challenges for both oil producing and consuming
countries. Full story
JEDDAH, Saudi Arabia, June 22 (Xinhua) -- China will stick
to the a sustainable energy strategy and make active contributions to the
sustainable energy development and energy security in the world, Chinese Vice
President Xi Jinping said on Sunday.
China will put emphasis on both energy exploitation
and conservation with priority given to economizing on energy consumption, Xi
said at the ongoing International Energy Conference held in the western Saudi
port city of Jeddah. Full story
JEDDAH, Saudi Arabia, June 22 (Xinhua) -- China has always
adhered to peaceful development and an opening-up strategy of mutual benefit and
win-win solution, Chinese Vice President Xi Jinping said on Sunday.
Adherence to these principles and endeavor to build a
harmonious world of lasting peace and common prosperity are the solemn
commitment China has made to the international community and the guiding
principles for developing friendly cooperation with countries in the Middle East
and the Gulf region, Xi said at the opening ceremony of a seminar on China-Saudi
economy and trade. Full story
JEDDAH, Saudi Arabia, June 22 (Xinhua) -- The energy
summit staged in Jeddah, Saudi Arabia, to curb rocketing oil prices, is closed
on Sunday.
Leaders and ministers from the 36 nations agreed that "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." Full story
