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| Saudi oil price summit under way | Saudi oil price summit under way |
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| A crucial meeting of oil producing and consuming nations to discuss soaring prices is under way in Saudi Arabia. | A crucial meeting of oil producing and consuming nations to discuss soaring prices is under way in Saudi Arabia. |
| The US and other consumers have urged producers to boost supply, blaming lack of capacity for the recent price surge. | The US and other consumers have urged producers to boost supply, blaming lack of capacity for the recent price surge. |
| British Prime Minister Gordon Brown said more production was needed to ease price "uncertainty" and "volatility". | British Prime Minister Gordon Brown said more production was needed to ease price "uncertainty" and "volatility". |
| Saudi Arabia said it had increased output recently but blamed market speculation, not lack of supply, on the rise in prices to nearly $140 a barrel. | Saudi Arabia said it had increased output recently but blamed market speculation, not lack of supply, on the rise in prices to nearly $140 a barrel. |
| 'Oil fund' | 'Oil fund' |
| Energy ministers from more than 30 countries, as well as senior executives from the world's largest oil companies, are attending the conference in the city of Jeddah. | Energy ministers from more than 30 countries, as well as senior executives from the world's largest oil companies, are attending the conference in the city of Jeddah. |
| The meeting is taking place amid fears that recent record oil prices are helping tip the US and other major economies towards recession and against a backdrop of protests against rising fuel costs around the world. | The meeting is taking place amid fears that recent record oil prices are helping tip the US and other major economies towards recession and against a backdrop of protests against rising fuel costs around the world. |
| We are very concerned for consumers in all countries Saudi King Abdullah Bin Aziz | We are very concerned for consumers in all countries Saudi King Abdullah Bin Aziz |
| Saudi King Abdullah Bin Aziz said the world's largest oil producer had recently raised output by about 500,000 barrels a day in an effort to calm worries over supply shortages. | Saudi King Abdullah Bin Aziz said the world's largest oil producer had recently raised output by about 500,000 barrels a day in an effort to calm worries over supply shortages. |
| He proposed members of the Opec producers body contribute $1bn to a fund to help poorer countries deal with spiralling energy costs and said Saudi Arabia would also offer $500m in loans to countries struggling with fuel shortages. | He proposed members of the Opec producers body contribute $1bn to a fund to help poorer countries deal with spiralling energy costs and said Saudi Arabia would also offer $500m in loans to countries struggling with fuel shortages. |
| "We are very concerned for consumers in all countries," he told the meeting. | "We are very concerned for consumers in all countries," he told the meeting. |
| "And we declare our readiness to meet any additional needs." | "And we declare our readiness to meet any additional needs." |
| Addressing the meeting, Gordon Brown called for a "new deal" on global energy supplies to benefit both consumers and producers. | Addressing the meeting, Gordon Brown called for a "new deal" on global energy supplies to benefit both consumers and producers. |
| Better information was need on the current state of global oil supplies and future demand, he said, while oil producers must diversify beyond oil by investing in other sources of energy. | Better information was need on the current state of global oil supplies and future demand, he said, while oil producers must diversify beyond oil by investing in other sources of energy. |
| I urge all oil producers to rigorously break down old barriers standing in the way of new strategic initiatives UK Prime Minister Gordon Brown Seeking an oil price solutionBrown in Saudi to talk oil prices Q&A: Why prices have soared | I urge all oil producers to rigorously break down old barriers standing in the way of new strategic initiatives UK Prime Minister Gordon Brown Seeking an oil price solutionBrown in Saudi to talk oil prices Q&A: Why prices have soared |
| He also called for "enhanced co-operation" in efforts to reduce global dependence on oil in the long term. | He also called for "enhanced co-operation" in efforts to reduce global dependence on oil in the long term. |
| "I urge all oil producers to rigorously break down old barriers standing in the way of new strategic initiatives," he said. | "I urge all oil producers to rigorously break down old barriers standing in the way of new strategic initiatives," he said. |
| "We can make progress in easing the challenges which are facing so many countries in the months ahead." | "We can make progress in easing the challenges which are facing so many countries in the months ahead." |
| The BBC's Paul Wood in Jeddah said Saudi Arabia could announce a further increase in supplies shortly but that it was naive to assume this would bring global prices down soon. | The BBC's Paul Wood in Jeddah said Saudi Arabia could announce a further increase in supplies shortly but that it was naive to assume this would bring global prices down soon. |
| Price debate | Price debate |
| US Energy Secretary Samuel Bodman said rising demand, especially from developing countries like China and India, was growing faster than supply. | US Energy Secretary Samuel Bodman said rising demand, especially from developing countries like China and India, was growing faster than supply. |
| "I believe that most of us agree on one thing: Prices are too high at present," he said. | "I believe that most of us agree on one thing: Prices are too high at present," he said. |
| High fuel prices have sparked protests in several countries | High fuel prices have sparked protests in several countries |
| "And unless we act, the situation will remain unsustainable." | "And unless we act, the situation will remain unsustainable." |
| Saudi Arabia and other Opec members blame the soaring price, which has risen from about $10 a barrel to nearly $140 in the space of a decade, on market speculators and high taxes. | |
| Opec president Chakib Khelil insisted on Sunday that the price of oil was "disconnected from fundamentals" of supply and demand while Qatar's Energy Minister Abdullah Al-Attiya said the world was not facing an oil supply crisis. | Opec president Chakib Khelil insisted on Sunday that the price of oil was "disconnected from fundamentals" of supply and demand while Qatar's Energy Minister Abdullah Al-Attiya said the world was not facing an oil supply crisis. |
| Analysts say recent increases in output by Opec members are unlikely to have much of an effect on the price, given that the world's daily oil production is about 80 million barrels. | Analysts say recent increases in output by Opec members are unlikely to have much of an effect on the price, given that the world's daily oil production is about 80 million barrels. |
| "We are going to have to live with high prices," Jan Rudolph, an economist with Global Insight, told the BBC. | |
| Efforts to control the price received a further blow this week, following militant attacks on Shell and Chevron facilities in Nigeria which cut the country's output by more than 300,000 barrels a day. | |
| Have you been badly affected by the high oil price? What would you like the summit to achieve? Send us your comments using the form below. | Have you been badly affected by the high oil price? What would you like the summit to achieve? Send us your comments using the form below. |