UN Secretary-General Ban Ki-moon with His Majesty King Abdullah Bin Abdulaziz Al-Saud image:40985:0::0

The United Nations Secretary-General is pleased that a meeting has been set by the world's oil producers in order to discuss the high cost of fuel.


Secretary= General Ban has stated that King Abdullah “acknowledged that the current oil price is abnormally high, due to speculative factors, and he is willing to do what he can to manage the price of oil to the adequate level.” .

“I am grateful that the King intends to convene a high-level meeting of major oil producers and consumers on this issue next week in the Kingdom,” he added. “We also expect that His Majesty the King and his Government will take the necessary measures to stabilize the price of oil.”

Saudi Arabia has also reportedly announced it will increase its oil production by 200,000 barrels a day starting next month in an effort to deal with the growing demand.

The Secretary-General was on a two-day visit to the Kingdom when he said that oil prices have had a major impact on the rising cost of food, a concern expressed by a number of world leaders during a recent summit held in Rome to discuss the global food crisis.

It has also “weakened our capacity to address climate change issues,” he noted, adding that the issues of food costs, fuel prices and climate change should be addressed in a comprehensive manner.