The world's largest oil exporter Saudi Arabia on Sunday proposed setting up a $1 billion OPEC fund and offered $500 million in Saudi soft loans to help poor countries cope with the high price of energy.
King Abdullah said Saudi Arabia was willing to provide all necessary oil supplies needed in future and blamed high oil prices on speculation and taxes.
He called for the World Bank to arrange an international meeting to discuss the poor-country initiative.
The price of crude has more than doubled in a year to almost $140 a barrel, triggering protests from Brussels to Bangkok over rising fuel costs that threaten the world's economy.
Last Mod: 22 Haziran 2008, 16:52