Saudi Arabia Says It’s Ready to Supply Crude

Oil superpower Saudi Arabia told an OPEC summit in Caracas, Venezuela, that it stands ready to supply the amount of crude needed to tame unruly prices but urged consuming countries to play their part by reducing fuel taxes. Crown Prince Abdullah, in day-to-day charge of the world’s largest oil producer, said he is worried that a continuation of high prices could harm the world economy and prospects for growth. His comments, apparently an olive branch to rich industrialized countries hit by protests over high fuel costs, ran counter to the overall mood of a gathering intent on celebrating the greatest oil boom since the 1980s. Venezuelan President Hugo Chavez said OPEC is ready to meet rich nations any time to discuss their concerns over high energy costs but would not do so under pressure. Crude oil for November delivery fell 4 cents to $31.46 a barrel on the Nymex, a one-month low.