Joint Communiqué on oil price hikes situation issued by oil

Jeddah, June 23 (SPA) - The following communiqué was issued today by
the Kingdom of Saudi Arabia, the Secretariat General of the
International Atomic Energy Agency, the Secretariat General of the
International Energy Forum and the Secretariat General of the
Organization of Petroleum Exporting Countries (OPEC):
At the invitation of the Government of the Kingdom of Saudi
Arabia, under the auspices of the Custodian of the Two Holy Mosques
King Abdullah bin Abdulaziz Al Saud, ministers and representatives
from many oil producing and consuming countries and observers from
the oil industry in the world met in Jeddah, Saudi Arabia, on Sunday
June 22, 2008 to discuss the current situation of the petroleum
market.

The participants expressed concern over the sharp oil price
rise and continuous volatility as a result of a combination of
factors and reasons.

They sought to identify the causes that led to the current
price increases in the market and the outcome resulting from them and
made a series of proposals designed to improve the current situation
in order to enable the world oil markets work effectively.

Participants also stressed that oil prices and the current
state of instability and volatility in the market, do harm the global
economy, particularly the least developed economies.

They agreed that the current situation requires intensive
efforts of all concerned parties in all the producing and consuming
countries, oil industry sectors and other involved parties in order
to achieve stability in the world oil market to the benefit of
everyone.