Saudi king urges consumers to get used to high oil prices
Jul 1 07:26 AM US/Eastern
King Abdullah of Saudi Arabia, whose nation is the world's number one oil exporter, called on consumer countries to get used to high prices in comments published on Tuesday.
"Consumer countries have to adapt to the prices and the mechanisms of the market," the king said in an interview published by the Kuwaiti daily Al-Siyassah.
"We have nothing to do with the current sharp increase in crude prices," he said reiterating the Saudi position that speculation, rising demand and the taxation of oil products in consumer countries were to blame.
"These countries must reduce their taxes on fuel.. if they want to contribute to easing the burden on ordinary consumers," he said.