Saudi Arabia to Host Meeting Addressing Oil Prices

Saudi Arabia will be hosting a meeting of oil producing and consuming countries to discuss growing concern over rising oil prices.

Growing concerns over the rising oil prices have led to a call for an increase in production while several of the producers have blamed the increased costs on market speculation, a belief not shared by consuming countries.

The increased cost in fuel has led to several protests throughout Europe and the United States and fears have led many to believe a global recession could soon take effect.

Those participating in Sunday’s meeting in Jeddah will include representatives from more than 30 countries, executives from oil companies and OPEC nations.

While Saudi Arabia has shown a willingness to increase production of oil many experts believe other oil producing countries lack the capacity to boost their oil production.

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