21st June 2008 - Kingdom has no magic wand to reduce oil prices (AN)

Deputy Minister of Petroleum and Mineral Resources Prince Abdulaziz bin Salman has said that the Kingdom has no magic wand to bring down soaring oil prices. There are a number of factors causing the price increase - amongst them speculators, a weak dollar and limited refining capacity. The Kingdom believes a concerted effort by all those involved is the only way to moderate the oil price.