King Abdullah, Custodian of the Two Holy Mosques, is to patronize the conference of energy ministers in Jeddah on June 22. In a statement to saudi press agency (SPA), the Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Naimi said energy ministers of major oil producing and consuming countries were invited to the meeting. He said many of them have welcomed the invitation and looked forward to participating in this meeting, which is expected to yield positive results contributing to the stability of the international oil market. Naimi said OPEC states and major non-OPEC producing countries including Russia, Norway, Mexico and Brazil in addition to major consuming countries including the United States, Britain, Germany, France, Japan, China, India, South Africa and others were invited to participate in the meeting, Saudi Press Agency (SPA) reported on Friday. Some international organizations were invited including Secretariat General of Energy Forum, OPEC members, International Energy Agency, European Commission of Energy and major world oil companies, the minister said. The meeting will discuss the international oil market, the current rise in oil prices, and how producing and consuming countries, relevant international organizations and major oil companies can cooperate in dealing with this phenomenon. The current situation is unjustifiable in terms of oil data and market fundamentals and in proposing appropriate solutions to deal with it, the minister said. “Emanating from its positive role in international relations in various aspects, its interest in the global economy and the stability of the international oil market, and its keenness on cooperation of producing and consuming countries and relevant bodies to work together to address a global issue that might have negative effects on the global economy, particularly the economies of developing nations, the Kingdom is convening this meeting,” Al-Naimi said. Meanwhile, US President George W. Bush left open the possibility of participating in the Jeddah meeting, despite earlier White House statements saying he would not go. “I'm going to go back home and take a look at the intentions and purpose of the meeting,” said Bush, speaking in Rome after a meeting with Italian Prime Minister Silvio Berlusconi. “There will be a high-level official, for certain, from my administration. We ought to be at the table as producers,” he said. Japan's Energy Minister Akira Amari said he would attend the meeting while Prime Minister Yasuo Fukuda is “studying” the possibility of going. Japan is one of the world's largest importers of oil as the Asian economic power has virtually no natural energy resources. “I think I have to go,” Amari told reporters about the Jeddah meeting. “The prime minister's office is studying” the possibility of Fukuda attending, Amari added.
