Key comments at emergency oil talks in Jeddah

(Reuters) - The world's top oil powers convene an emergency meeting of producers, consumers and big oil executives on Sunday to seek a solution to soaring crude prices.

Producers and consumers have long blamed each other, but the Saudi cabinet, chaired by King Abdullah, issued instructions two weeks ago to bring them together in Jeddah after oil surged by $16 a barrel in just over 24 hours.

Below are comments by ministers and officials in Jeddah, or on their way to the meeting.

IN JEDDAH:

DRAFT COMMUNIQUE

Urges the need to "take the necessary measures to guarantee the stability and permanence of the energy system and raise refining capacities" and "the strengthening of transparency of financial markets having regard to their impact on world petroleum markets," Algeria's official APS news agency reported.

The aim is to "reinforce transparency" and arrive at a better understanding "of the impact of international financial markets on prices and their volatilities".

The document signaled "the need to take steps to collect more information about the actions of investment funds." More information should be gathered about speculators and "unreal judgments about the real price of a barrel of oil and the future of the crude market".

U.S. ENERGY SECRETARY BODMAN:

"Anything that will add supply to the market is important."

"While increases in near term oil production are welcome and necessary, fundamentally the market needs to see investment in increasing the longer term production capability."

"The world faces an extraordinary time that, in my view, demands responsible action from both consuming and producing nations."

"In the absence of any additional crude supply, for every one percent of crude demand, we will expect a 20 percent increase in price in order to balance the market."

"These are very high oil prices. They have a severe impact certainly on the families of the United States, but also on the families of other countries as well."

SAUDI OIL SOURCE:

"We increased because they (our customers) asked for it."