Connect with us

Hi, what are you looking for?


Saudi Arabian king slams oil speculators

ROME, July 16 – Saudi Arabian King Abdullah on Wednesday denounced speculation on oil prices and called for more dialogue between producing and consuming nations in an interview with the Italian daily La Repubblica.

"Oil has become a commodity, pratically like a currency (that) has attracted speculative interest among some companies and people," said Abdullah, whose nation is the world\’s top oil exporter.

"We don\’t want the price to be so high. It is not in our interest because it is not in the interest of the rest of the world," he said.

Saudi Arabia has warned repeatedly that speculation is a leading cause of soaring oil prices along with rising demand and the taxation of oil products in consumer countries.

The International Energy Agency said early this month that speculators should not be a "scapegoat" for the record prices.

Abudullah has said importing countries should "adapt" to the rising prices while calling for more dialogue between producers and consumers.

"Cooperation between the two sides should be strengthened to address the overall market situation: that\’s what is needed to stabilise oil prices, and it is a shared goal," Abdullah told the Italian daily.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...