Saudi Arabia Seeks Meeting on Oil Prices

Saudi Arabia plans to call for a summit between oil-producing and consuming nations to discuss soaring crude prices, the Associated Press reported Monday.

The country will work with OPEC to guarantee the availability of oil supplies now and in the future, a government official said following a weekly meeting of the Saudi cabinet, AP said.

The announcement follows Friday’s biggest single-day increase in oil prices on record, as crude spiked $10.75 to a record $138.54 on the New York Mercantile Exchange. It briefly surpassed $139.

The world’s leading economies and largest oil consumers have urged oil producers to boost output, which has stalled at about 85 million barrels a day since 2005, AP said.