Foreign cos behind high oil prices: Saudi Prince

RIYADH, AUGUST 17 (AGENCIES)

Blaming foreign companies for the sky-rocketing oil prices Saudi Arabia has claimed that the Kingdom, on its own part, has been trying to put a check on the situation by increasing production.

In an interview with the English daily Arab Times on Monday, Saudi crown prince Abdullah said we are ready to pump more oil... and it will be fine if the prices go down. The rest is not in our hands.

Stating that Saudi Arabia wants to maintain oil prices at $25-30 per barrel, the crown prince said some international oil companies, were hoarding huge reserves of crude, which has led to soaring prices.

Recently, Saudi Oil Minister Ali Al-Nuaimi had expressed the readiness of the Kingdom, which produces eight million barrels per day (bpd) under normal market conditions, to hike its production by 1.3 million bpd, to put a check on the soaring oil prices.

Of late, there has been a massive hike in international prices of crude, mainly due to obstruction of exports of major producer Iraq following the US-led war.