IEA welcomes Saudi invitation to oil talks

(Paris) — 12 June 2008

The International Energy Agency (IEA) will attend the talks to be convened by the Kingdom of Saudi Arabia in Jeddah on 22 June between producer and consumer countries in the aftermath of fresh record oil prices. "These high prices are not sustainable and jeopardise economic growth globally. The impact is especially acute in developing countries," said IEA Executive Director Nobuo Tanaka.

The Saudi initiative can contribute to enhanced dialogue between producers and consumers and convey clear messages that oil supply is going to keep pace with demand growth in the coming years. "We would welcome an opportunity to act collectively to reassure the market about future demand and supply balances in order to change the perception of extended tightness," added Mr. Tanaka.

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