"People who think that oil prices will go down once production is raised are wrong because there are indications the prices will remain high," the Arab Times quoted the ruler of the world's largest oil exporter, king Abdullah of Saudi-Arabia, saying.

He added that speculators and duties on fuel in some countries were among reasons for the high prices.

"Starting from the establishment of Opec, we have always been keen on keeping the price of oil at a normal level to reduce the burden on both the producers and consumers...We have nothing to do with the rising prices of oil in the world," he said.

Saudi Oil Minister Ali al-Naimi said yesterday that top exporter Saudi Arabia stands ready to pump as much oil as its customers require, but supply for now was adequate.

Source: Upstream Online [1]