Jeddah is hosting the Saudi Oil Price Summit today. I'm not quite sure what the summit hopes to achieve as everyone seems to have their own view on why oil prices (currently reaching nearly $140 a barrel) are rising and it doesn't look like that's going to change. The west says that rising oil prices are due to increased demand a short supply and they seem to think that prices will come down if supply is increased. The Saudi government (and other OPEC countries) say that rising oil prices are due to other factors such as market speculation.


Write in and let us know your thoughts on the issue.


Posted by: Jeddahmom