Prince Turki Al-Faisal, the Saudi Ambassador to the United Kingdom and Ireland, said that current high oil prices are not predicated upon oil supplies but other issues, such as oil storage by some oil-importing countries and gasoline in the U.S.
In an interview with Irish television “R.T.I.,” Prince Turki expressed his hope that the forthcoming OPEC conference will approve an increase in production quotas. He noted that the increase in demand for oil in some regions of the world, particularly China and India, led to the rise in oil prices, in addition to the imposition of high taxes on oil-related products in some Western consumer countries.
Prince Turki Al-Faisal said that oil-exporting countries seek to promote stable prices - not surges in prices, hence their attempt to fix prices in a range between US$22 and 28 two years ago. He stressed the urgent need for cooperation between consumer and producer countries.
Source: SPA
