Oil industry leaders meet in Spain

30 June 2008

Thousands of oil industry delegates are meeting in Madrid this week for the 19th World Petroleum Congress (WPC).

Representatives from producing nations will meet with major oil companies to attempt to control soaring oil prices, after light sweet crude reached a record high of $142.99 (£71.69) per barrel in New York on Friday.

The event, which is described as the Olympics of the oil industry, is held every three years and will run until Thursday. It comes a week after a summit in Saudi Arabia failed to produce any concrete results.

Speaking ahead of the congress, WPC director general Dr Pierce Reimer said: "Madrid will be our largest event ever. Oil prices will be a focus."

Recent soaring oil prices have been blamed on the weakness of the dollar, as well as market speculation and increasing demand.

The last WPC was held in South Africa in 2005, when crude oil cost less than $65 per barrel.

Click here to view home heating oil price trends