Jeddah deepens oil price dialogue

By Simon Webb and Summer Said

JEDDAH, Saudi Arabia (Reuters) - World energy powers embarked on a new level of dialogue to try to rein in runaway oil prices at an emergency meeting in this Red Sea city, but were unable to come up with a quick fix.

Host Saudi Arabia vowed to pump still more oil in response to consumer countries' requests, but said that alone would not be enough to calm a market driven to a record close to $140 a barrel last week by an array of factors.

"In this critical hour, the world community should rise to its responsibility and cooperation should be the cornerstone of any efforts," Saudi King Abdullah said on Sunday, calling for a global "energy-for-the-poor" initiative.

A barrel of oil has doubled in price over the past year, stoking inflation and triggering protests from Asia to Europe.

Major producers, consumers and top oil company executives gathered in Saudi Arabia's commercial capital to try to reverse what some see as the world's third oil shock.

They plan to hold a follow-up meeting in London before the end of the year.

"What I've heard so far are basically all good ideas, but it will probably not change the price tomorrow morning," Royal Dutch Shell CEO Jeroen van der Veer told Reuters.

The final communique, echoing previous consumer-producer statements, emphasised the importance of greater transparency in oil markets and more investment in production.