Saudi Oil Minister Ali al-Nuaimi said that the world has enough oil for many decades "and his country will invest in increasing production to 15 million barrels a day.

"The world has sufficient oil reserves both conventional and unconventional, to meet the demand for many, many decades ahead," he said during a meeting in Jeddah, which was attended by the leading manufacturing countries and users of the "black gold". "The concern regarding the shortage of long-term supply seems to play a role in high prices, although I consider this concern as inappropriate," added al-Nuaimi.

U.S. Secretary of Energy Samuel Bodman expressed the opposite opinion. He said that the current production cannot meet the growing crude oil demand, which resulted into higher prices.

British Prime Minister Gordon Brown came into conflict with the leading nations - producers of oil, insisting that the growing demand of the developing world, but not the speculative pressure had led to an increase in oil prices and had created oil crisis similar to that of 70s of 20th century. In his speech, Brown proposed a long-term deal, according to which nations-users of oil would diversify their energy supplies, going to nuclear energy and renewable energy, and the producing countries would increase the production of oil and invest in Western renewable technologies.

Nuaimi said that Saudi Arabia would increase its production of "black gold" to 12.5 million barrels a day by the end of 2009, and further 2.5 million barrels could be produced in case of need.

The meeting in Jeddah was convened at the request of Saudi Arabia. Its main objective was the oil companies to justify the reasons of their request for increasing oil production.