It remained unclear if Sunday's announcements would have any greater effect.
At least one analyst said he thought they would only spur prices higher.
The oil market has been in a holding pattern to see if Saudi Arabia would take more aggressive steps toward boosting output, said Stephen Schork, an oil market analyst and trader in Villanova, Pa. The market's likely to view the announcement as a sign it will not, he said.
"We don't know anything more today that we didn't know Friday," said Schork, who predicted "$150 (a barrel) here we come."
Linda Rafield, senior oil analyst at energy trade publication Platts, said she expected the reaction to be less dramatic.
"I don't see prices going into freefall at the start of trading this evening, but I don't see the bulls being given any reason to bid prices back up to the $140 level," she said.
Bush has visited Saudi Arabia twice this year to push the country's king to increase oil production but has little to show for the effort.
To address long-term concerns about supply, al-Naimi said Saudi Arabia also is willing to invest to boost its spare oil production capacity above the current 12.5 million barrels per day planned for the end of 2009 – again, if the market requires it.
That reversed previous indications the country would not go beyond that figure.
British Prime Minister Gordon Brown echoed US officials' calls for commitments of specific production increases. Such actions would help ensure that "instead of uncertainty and unpredictability, there is greater certainty, and instead of instability, there is greater stability," he said.
But he and Bodman also urged consuming countries to increase energy efficiency and invest in alternative sources of fuel. Brown said the high prices – what he termed an "oil shock" – leave industrialized countries with few choices but turning more to nuclear power and lowering energy consumption.
A joint statement issued by participants also urged countries to improve energy efficiency. The vaguely worded statement also promoted investment in spare capacity and called for improved transparency and regulation of financial markets, but provided few specifics – again highlighting the confusion and disagreements over the core causes of oil's price surge.
Abdullah called for the creation of a $1 billion energy initiative to help poor countries combat fuel prices and said Saudi Arabia would contribute $500 million to provide loans to finance development and energy projects.
(China Daily via Agencies June 23, 2008)
