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 signalled "the need to take steps to collect more information about the actions of investment funds." More information should be gathered about speculators and "unreal judgements 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."

"I really believe strongly that there is a political will of oil producers and consumers to lower the price and stabilise it, otherwise they would not have come."

"Right now the majority of people think the price of oil is very high. There is no justification for this price."

KUWAIT OIL MINISTER MOHAMMAD AL-OLAIM (IN KUWAIT)

"After the meeting in Jeddah when producers and consumers meet I think this will lead us to decide whether we need a closed meeting of OPEC to think about the issue and based on that we will decide what we can do."

ABOUT HIGH OIL PRICES: "Up to now its not fundamentals -- there are other factors."

SAUDI ARABIA OIL MINISTER ALI AL-NAIMI (JUNE 20)

Asked if Saudi Arabia would increase beyond the 9.7 million barrels per day (bpd) it has pledged to pump in June he said: "We'll be giving out new information in the next day or two."

It was not clear whether he was referring to a further increase in oil output.

SAUDI DEPUTY OIL MINISTER PRINCE ABDULAZIZ BIN SALMAN (ON AL ARABIYA TV):

"The kingdom provides petroleum to meet the needs of customers... It is a commercial decision not a political decision."

"Increased production comes in parallel with demand Aramco receives... It is a commercial decision independent of what will be discussed at this meeting."

LIBYA CHAIRMAN OF NATIONAL OIL CORP SHOKRI GHANEM (IN LIBYA)

"You can't get any decision on important matters in the energy market in a meeting of three hours."

"There's oversupply in the market. We believe the prices are high, but it's not because of supply and demand."

"Some countries may think of increasing production, but some countries may even think of cutting production."

UAE OIL MINISTER MOHAMMED AL-HAMLI (ON NEWS AGENCY WAM):

"...Global markets are suffering from a shortage of oil products not crude oil." High prices are caused by "strong demand for crude from China and India, speculation on the petroleum market and the situation that international financial markets are going through."

AHEAD OF THE MEETING

OPEC PRESIDENT CHAKIB KHELIL (IN ALGIERS, JUNE 20)

"Asking OPEC member countries to increase their offer is illogical and irrational. The (Jeddah) meeting would clarify the positions about the reasons behind this oil price rise."

IRAN OPEC GOVERNOR MOHAMMAD ALI KHATIBI (IN TEHRAN, JUNE 20)

TO THE FARS NEWS AGENCY: "It is unlikely that OPEC and non-OPEC countries reach ... an agreement on crude market and the output change. Any output increase should be ratified by OPEC's ministers.

TO REUTERS: "For the short-term we can't do anything. We have to focus on the long-term. Removing obstacles to investment would be a good way to boost extra capacity in the mid- and long-term, not just (by) removing sanctions on Iran ... but also removing problems caused by tensions, threats and intervention."

IRAQ OIL MINISTER HUSSAIN AL-SHAHRISTANI (LONDON, JUNE 17)

"I do not think increasing any amount in the international market will have a significant impact on the prices. It is up to the stock exchange and the regulations in the industrialised nations. It is not something OPEC can contribute to."

"We did not see any impact on the prices from the Saudi's previous increase."

GERMANY ECONOMY MINISTER MICHAEL GLOS (BERLIN, JUNE 20)

"I'd welcome it if the conference marked the beginning of closer cooperation between oil-producing countries and oil consumers."

"The increase in oil prices amounts to a transfer of wealth from oil importing countries to oil exporting countries. This has powerful effects on the global economy."

"The fundamental data alone cannot be used to explain the high increase in prices."

(Editing by Anshuman Daga)