OPEC summit discusses high surge in oil prices
Monday, 30 June 2008
Fazle Rashid from New York
ANGERED by failure of the Organisation of Petroleum Exporting Countries (OPEC) to come out with a formula to end the ever expanding price of oil, which touched $142 barrel a mark last Thursday, Americans are demanding harsh actions against the cartel. Saudi Arabia promised to increase their output at the Global Energy Summit held in Jeddah but the summit did nor produce any written document as how to meet the crisis that is seriously affecting the economies of both the industrialised nations and the poor developing nations battling hard to fend for themselves.
Consumer nations like the US, Britain and Japan see more supply as the answer to higher prices. China has restrained itself from making any comment. Oil-producing nations are reluctant to raise production or unable to pump more. Political uncertainties in many oil producing countries like Iraq, Iran, Nigeria, and Venezuela have further aggravated the crisis. The energy hungry nations like China, India and Brazil will consume more in coming days.
King Abdullah of Saudi Arabia said that he was aware of growing anger and frustration world-wide caused by surging oil price. The King called upon the OPEC to pledge $1.0 billion to help developing nations to tide over their difficulties. The King has promised $500 million in loans to help the poor countries.
Oppressed by the soaring price of oil the Americans are even suggesting many absurd ideas. An analyst has asked President Bush to file a legal proceeding against the OPEC under the 'anti-trust' law. A similar suit was dismissed by the court. The court said the OPEC are afforded immunity from suit brough for the damage caused to the commercial activities of Airlines in America, which, hard hit by the soaring oil prices, are looking for many options. One is cutting in-flight services, charging more for baggages, slashing number of flights. Many routes will be closed.
ANGERED by failure of the Organisation of Petroleum Exporting Countries (OPEC) to come out with a formula to end the ever expanding price of oil, which touched $142 barrel a mark last Thursday, Americans are demanding harsh actions against the cartel. Saudi Arabia promised to increase their output at the Global Energy Summit held in Jeddah but the summit did nor produce any written document as how to meet the crisis that is seriously affecting the economies of both the industrialised nations and the poor developing nations battling hard to fend for themselves.
Consumer nations like the US, Britain and Japan see more supply as the answer to higher prices. China has restrained itself from making any comment. Oil-producing nations are reluctant to raise production or unable to pump more. Political uncertainties in many oil producing countries like Iraq, Iran, Nigeria, and Venezuela have further aggravated the crisis. The energy hungry nations like China, India and Brazil will consume more in coming days.
King Abdullah of Saudi Arabia said that he was aware of growing anger and frustration world-wide caused by surging oil price. The King called upon the OPEC to pledge $1.0 billion to help developing nations to tide over their difficulties. The King has promised $500 million in loans to help the poor countries.
Oppressed by the soaring price of oil the Americans are even suggesting many absurd ideas. An analyst has asked President Bush to file a legal proceeding against the OPEC under the 'anti-trust' law. A similar suit was dismissed by the court. The court said the OPEC are afforded immunity from suit brough for the damage caused to the commercial activities of Airlines in America, which, hard hit by the soaring oil prices, are looking for many options. One is cutting in-flight services, charging more for baggages, slashing number of flights. Many routes will be closed.