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Amid fears that a war in Iraq could disrupt Middle East supplies in addition to continuing turmoil in Venezuela, where an industrial strike is in its fifth week, the oil price has risen to as high as $US33 a barrel.
“Both [Saudi Arabia and Russia] discussed the importance of stabilising oil prices and the necessity that they don't rise [to such an extent] that they affect global economic growth,” said the Saudi oil minister Ali al-Naimi after meeting Igor Yusufov, the Russian energy minister.
“The kingdom and Russia agree that co-operation is necessary to ensure that there is no lack of oil supplies.”
Earlier, the United Arab Emirates oil minister, Obaid bin Saif al-Nasseri, said OPEC would raise output if the price of its basket of crude oils remained above $US28 bbl until 14 January.
