21 Feb '11, 1pm

World's top oil producers, consumers to meet

LONDON : The International Energy Forum, which groups the world's top oil producers and consumers, will meet on Tuesday in Saudi Arabia as economic recovery drives prices back to levels last seen before the 2008 global financial crisis. The meeting also comes amid rising political tensions across the Middle East which forced prices even higher on Monday, with benchmark Brent crude topping US$105 a barrel on concerns supplies could be disrupted by violent unrest. Ministers from the IEF's some 90 member states, accounting for 90 percent of global oil production and consumption, are due to sign a charter in the Saudi capital Riyadh on boosting cooperation and reducing market volatility. At its previous meeting in Mexico in March 2010, the IEF agreed to step up dialogue with the aim of improving transparency on the energy markets so as to reduce price volatility. These objecti...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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