King Abdullah Commitment on Crisis Enegry Countries

To prevent the impacts on high oil price, King Abdullah decided to help crisis countries attacked by high oil price. Abdullah has some packages to help them. He decide to aid those countries with smart loans (loans with very low interest rate), increase their barrel on each day oil production, send an aid package to energy crisis countries, sounded to international financial institutions to meet in near soon, agenda to talk about currently issues.

King Abdullah has confirmed that their country will increase 200 barrel/day to 9.7 million barrel/day in Jeddah. Abdullah stated to indicate that he would like to push world oil crude to lower or to normal fair price. Outside countries, UN and Industries asked Abdullah to increase their oil production quota. With 200 barrel/day, Abdullah would like to aid developing countries which attacked directly impact on running high on oil price with his contribution around $1 billion USD through OPEC.

His speech on opening session exporter-importer meeting (OPEC and oil demanders), King Abdullah said that his action is based from their kingdom history. Arab takes ¼ portion of world oil production. Saudi Arabia will aid and donor $500 million in soft loans as the implementation to help poor countries that directly attacked on high oil price impacts.

Abdullah also asked and sounded to World Bank in order to create a meeting in near soon, to meet creditors and debtors counties and international financial institutions involved to sit together, create the implementation in real programs to help directly impacted countries.

Oil price was set around $139.89 for new record high in last Monday, but as the positive market respond on Abdullah statement, Oil price them run low. The running low is also caused by China Government decided to increase their oil price.