Oil Summit in Saudi Arabia Addresses Need for Increase in Oil Production

Sunday’s oil summit in Jeddah, Saudi Arabia gathered together representatives from more than 30 countries, senior executives from the world’s largest oil companies and members of OPEC and in the end they all acknowledged an increase in oil production was necessary. While the acknowledgement was made there was no specific commitment made by oil producers to actually put that acknowledgement into any form of action.

Oil producing countries have blamed the sharp rise in cost for oil on market speculation, a direct contrast to what consumers say is a controlled effort to minimize oil production to keep prices high.

Oil consuming countries have urged their suppliers to boost their capacity in order to prevent a global recession.

In the end all those in attendance agreed that an “an appropriate increase in investment” in production was needed yet there was no concrete date as to when that would take effect.

Saudi Arabia has already agreed to boost its production to 9.7 million barrels a day but that would do little if other oil producing countries don’t follow suit and many believe those countries lack the ability to boost their production.

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