Aziz, Ministers and representatives from many producing and consuming countries, with the attendance of oil industry representatives as observers, met in Jeddah, Saudi Arabia, on 22 June 2008, to discuss the current oil market situation. Participants noted with concern that oil prices have risen sharply and become more volatile, due to a host of factors. They sought to identify the causes and consequences of recent price behavior and suggested areas of improvement for the efficient operation of the oil market. Participants also noted that current oil prices and their volatility are detrimental to the global economy and, in particular, the economies of least-developed countries. --More
