This Associated Press article (or versions of it) is running in most of the US and international media. Saudi Arabia wants to gather oil producers and consumers at a meeting to sort out the real issues of supply and demand. The Saudis assert that speculation and non-supply issues are driving oil prices to record highs. I guess one way to test that would be for the KSA to increase its production (it does still have about 2 million bbd surplus capacity) and see what happens.

Saudi Calls for Talks; Oil Experts See No Change
Donna Abu-Nasr

RIYADH, Saudi Arabia — Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday.

The kingdom will also work with OPEC to “guarantee the availability of oil supplies now and in the future,” the minister said following the weekly Cabinet meeting, held in the seaport city of Jiddah.

Madani said that the kingdom has informed “all oil companies it deals with as well as countries that consume oil that (the kingdom) is ready to provide them with any additional oil they need.”

“The Saudi Cabinet has instructed Oil Minister Ali al-Naimi to call for a meeting in the near future that will include representatives of oil-producing countries, consumers and companies that work in extracting, exporting and selling oil to look into the price hike, its causes and how to deal with it,” said Madani.
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