UN Chief Says Saudi Arabia To Restore Oil Prices

RIYADH, Saudi Arabia (AP) — The official Saudi News Agency is quoting the U.N. secretary-general as saying the kingdom is ready to help restore soaring oil prices to more “appropriate” levels.

U.N. chief Ban Ki-moon spoke with reporters after meeting Saudi King Abdullah in the port city of Jiddah today. He is quoted as saying, “The king believes that the current oil prices are abnormally high.”

The report was carried by the news agency in Arabic, and it did not say what language Ban spoke in.

Saudi Arabia has called for a meeting of oil producing and consuming countries next weekend to discuss ways of dealing with soaring energy prices.

Yesterday, The New York Times reported that a production increase of about 500,000 barrels per day was to be announced following the meeting. The paper cited unnamed analysts and oil traders briefed by Saudi officials.