Downing Street Says » Saudi Arabia/Oil Prices

» Thursday, June 12, 2008

Saudi Arabia/Oil Prices

Asked who the Prime Minister would be meeting on his trip to Saudi Arabia, the PMS said that we did not have information about that at this point but that it would be mostly oil ministers and energy ministers; this was something that we had been discussing with the Saudis in recent days and weeks and that was why the Prime Minister had decided that he would like to go. As the Prime Minister had said in his press conference, we would be happy to host a further meeting at a higher level, should that be necessary, in London.

Asked if the Prime Minister was looking for any short-term outcomes from the meeting in Saudi Arabia, the PMS said no. The Prime Minister had been clear about that; we had seen an increase in oil production in Saudi Arabia, so this meeting was not specifically about short-term action, but more about addressing some of the longer-term issues on the imbalance between demand and supply. As the Prime Minister had said in the press conference, it was the fact that markets expected demand to continually outstrip supply, which was contributing to the increase in the oil price at the moment.

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