By DPA
Riyadh : US President George W. Bush complained about spiralling oil prices during his visit to Saudi Arabia Tuesday and expressed his hope that the Organization of Petroleum Exporting Countries (OPEC) would soon take corrective measures.
Bush, on a two-day visit to the world’s largest oil exporter, warned OPEC of the consequences of unaffordable oil prices on the world economy.
Bush said he would hope that during its discussions on supply levels OPEC would understand that “when their biggest consumer’s economy (the US) suffers, it means less purchases, less oil and gas sold.”
Rocketing oil prices, which have recently surpassed the $100 mark, were a source of complaint that Bush discussed with King Abdullah.
Bush’s concerns were also echoed by French President Nicolas Sarkozy, whose Gulf tour coincides with Bush’s.
Before rounding off his visit to Saudi Arabia Monday, Sarkozy told reporters that $100 a barrel was too high a price for oil, suggesting that a “realistic” price was $70.
“When the price of oil increases threefold in four years to reach $100 per barrel, I feel perturbed about the nature of such increases,” Sarkozy said.
Monday, Qatari Energy Minister Abdullah Bin Hamad al-Attiyah said the rise to the $100 mark was a fleeting development.
The minister cited an incident of last Friday, when markets closed on a price of $92 per barrel, as proof that the rise and fall of oil prices is connected to fluctuations and traffic in the market, in addition “to how buyers here and there use local political situations” to manipulate the prices.
“We, as the Organization of Petroleum Exporting Countries, always act when we see a decrease in crude oil in the market,” he added.
OPEC’s Secretary General Abdullah al-Badri said output might be increased at the group’s meetings in February and March.