Worried oil chiefs fail to find consensus

MADRID (AFP) – One of the energy industry’s biggest gatherings ended Thursday in the shadow of record crude prices, with concern growing about a third oil shock but with little consensus about what to do about it.

Divisions between consumer and producer countries on who is to blame for 140-dollar oil appeared to sharpen at the World Petroleum Congress, which brought together political and corporate oil bosses for four days of talks.


Saudi Arabia, the world’s leading oil exporter, expressed concern on Thursday about new records for benchmark crude of 146 dollars a barrel and again said it was committed to dialogue between consumers and producers.

But those discussions show no sign of finding a solution to market tension, with both sides citing different reasons: consumers underline supply shortage fears while producers blame financial speculators and the falling dollar.

“We are concerned about high prices,” Saudi Arabian Oil Minister Ali al-Nuaimi said on the sidelines of the meeting here, adding that Saudi “King Abdullah is leading the effort” for dialogue.

AFP