King of Saudi Arabia promised UN Secretary General to reduce oil prices

Almaty. June 18. Kazakhstan Today - The King of Saudi Arabia has promised the United Nations Secretary General to reduce oil prices. The UN Secretary General Ban Ki-Moon informed on Sunday in conversation with journalists after the audience with the King Abdally ibn Abdel Aziz, the agency reports referring to the UN news center.

As Ban Ki-Moon has explained, the monarch admits that the present price for oil is unreasonably high due to speculation. "He is ready to assist its reduction," the UN Secretary General has informed.

Ban Ki-Moon welcomes readiness of the King to take part in solution of this problem. I am grateful that next week the King plans to hold international meeting of the main suppliers and consumers of oil to discuss the ways of managing the situation connected with sharp oil price increase," he declared.

According to the UN Secretary General, both the King and his government stated that they will take all the necessary measures to stabilize prices. The King Abdalla ibn Abdel Aziz informed the UN Secretary General Ban Ki-Moon on intention of Saudi Arabia to increase oil extraction by 200 thousand barrels a day since next month.

During a two-day visit to Saudi Arabia the UN Secretary General discussed the situation connected with increase of prices of foodstuffs and the measures directed at resolution of food crisis in the world with officials of this country.

As it was informed earlier, in the end of May Saudi Arabia informed on readiness to allocate $500 million for World Food Program (WFP). This donation was the response to WFP address to the states-donors with "extraordinary and extreme" appeal to donate $755 million to compensate expenses connected with sharp increase of price of food stuffs and fuel.

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