Page last updated at 14:10 GMT, Monday, 23 June 2008 15:10 UK

World reaction to Jeddah summit

Officials from leading oil producing and consuming nations have made a series of announcements and pledges to try to curb soaring prices.

Governments and businesses have been reacting to the proposals, made after a high-level summit in Saudi Arabia.

WHITE HOUSE SPOKESMAN

"We certainly think that it's welcome that Saudi Arabia will further increase their production. But we also believe that the fundamental issue of supply and demand continues to rule on this predicament that we are in our country."

JOHN HUTTON, BRITISH BUSINESS SECRETARY

"This is a process, not a one-off event. I think we can lay the foundations for greater stability in the oil market going forward.

"I would like to see the oil price stabilise and come down. I think the current high level of prices is damaging the global economy."

JEROEN VAN DER VEER, SHELL CHIEF EXECUTIVE

"What I've heard so far are basically all good ideas, but it will probably not change the price tomorrow morning."

MICHAEL GLOS, GERMAN ECONOMY MINISTER

"There is the danger that the markets will be disappointed and the price will increase again."

P. CHIDAMBARAM, INDIAN FINANCE MINISTER

"The only way forward is for the both producers and consumers to find common ground."

RAAD ALKADIRI, ENERGY ANALYST

"I think it's going to be virtually impossible to find a set of solutions at a meeting like this that will ease high prices in the short-term.

"This is about market sentiment and this meeting is probably not enough to change the market sentiment, which is clearly bullish. There clearly is no silver bullet."



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