Saudi King Blames Oil Prices on Speculators, Taxes (Donna Abu Nasr)

JIDDAH, Saudi Arabia - King Abdullah said Sunday that Saudi Arabia was not to blame for soaring oil prices and instead pointed his finger at speculators, high fuel taxes in consuming countries and increased oil consumption in developing economies.

The king, who opened a high-level oil summit in the port city of Jiddah, said the world's largest oil exporter already had increased its production to 9.7 million barrels a day. Abdullah did not announce any further, specific crude increases.

{xtypo_quote_left} "I believe that most of us agree on one thing: Prices are too high at present. And unless we act, the situation will remain unsustainable," he said in the statement. {/xtypo_quote_left} 

"In the past few months we have raised our daily production of oil from 9 million barrels to 9.7 (million) barrels," he said. "And we are ready to meet any additional demands in the future."

The U.S. and other Western nations have put increasing pressure on Saudi Arabia to increase production, saying insufficient oil production has not kept pace with growing demand.

But Saudi officials have blamed speculation in the oil market and not a shortage of supply for the soaring prices. The king's comments could deepen the rift with Western, consuming countries.

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