The “Jeddah Energy Meeting” scheduled here Sunday convened by King Abdullah, Custodian of the Two Holy Mosques, to tame the rising global oil prices, is expected to throw up positive solution to resolve the crisis. The meeting offers an opportunity for the world's main oil producers and major consumers to discuss ways and means to control the bullish trends seen in market for the most influential source of energy. Ali Ibrahim Al-Nuaimi, Minister of Petroleum and Mineral Resources, said both producers within the OPEC and the main oil producers from outside the group, such as Russia, Norway, Mexico and Brazil, have been invited to attend the meeting. Besides, the main oil consuming countries like USA, Britain, Germany, France, Japan, China, India and South Africa have also been invited to the exceptional event. Some international organizations including the General Secretariat of the Energy Forum, OPEC, International Energy Agency, European Commission of Energy and major global oil companies are expected to participate in the deliberations. Al-Nuaimi said the Jeddah Energy Meeting (JEM) is scheduled to discuss the international oil market, the current rise in oil prices and how producing and consuming countries and relevant international organizations can cooperate to deal wisely with the phenomenon, which is not justified in terms of data and oil market fundamentals. Nuaimi added that the meeting will try to propose appropriate solutions. “The Kingdom called for the meeting out of its positive role on various levels and because of its keenness on stable oil prices in the international market,” he said. He also added that the Kingdom is willing to cooperate with the producing and consuming countries and the relevant agencies to address a global issue that may have negative implications on the global economy, particularly the economics of the developing countries. Oil prices have doubled in recent years to strike almost $140 per barrel. British Prime Minister Gordon Brown will be one of the major international figures at the meeting. He is scheduled to address the gathering in the opening ceremony. Another major participant will be the US Energy Secretary Samuel Bodman. The Secretary General of the International Energy Forum (IEF), Noe van Hulst, will also be there. The meeting will kick off Sunday morning with a closed session, chaired by Prince Abdul Aziz Bin Salman, Assistant Minister for Petroleum Affairs, with participation of a number of top officials from the International Energy Agency and OPEC. During this session, a presentation of the joint background paper on Current Oil Market Conditions, from the Kingdom of Saudi Arabia, the International Energy Agency, Organization of Petroleum Exporting Countries and the International Energy Forum will be presented King Abdullah will later announce the official opening with his address which will be followed by Brown's speech. A final communiqué will be delivered in the evening. On Monday, the organizing committee of the meeting will arrange a visit to Khurais field. The visit will be set in coordination with Saudi Aramco. __
