Saudi King Abdullah (C) is seen with Britain's Prime Minister Gordon Brown (R) and Chinese Vice President Xi Jinping (L) at the opening ceremony of the Jeddah Energy Meeting June 22, 2008. (Xinhua/Reuters Photo) 

The increasing oil prices have hit almost 135 US dollars per barrel on Friday, which affect consumers and economies across the United States, Europe and much of the world. Many countries have experienced social unrest and economic turmoil.

Oil producers accused "speculators" of playing a key role in the spectacular rise in oil prices.

Saudi Arabia called for Sunday's unusual meeting in Jeddah between oil producing and consuming nations, as a way to show that it was not deaf to international cries that high oil prices have caused social and economic chaos.

Saudi King Abdullah (C) poses with oil ministers during a group photo session during the Jeddah Energy Meeting June 22, 2008. (Xinhua/Reuters Photo) 

(Xinhua News Agency June 23, 2008)