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At a recent summit in Saudi Arabia between oil-producing and oil-consuming nations, Saudi King Abdullah said his country was not to blame for soaring oil prices.

Saudi Arabia increased oil production by 300,000 barrels a day in May, and a Saudi official confirmed another increase of 200,000 in July, making the total output to 9.7 million barrels a day.

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King Abdullah of Saudi Arabia says that among the factors behind rising oil prices are increased consumption, additional taxes and "speculators who play the market out of selfish interests."

Oil policy analyst and author of The Tyranny of Oil Antonia Juhasz says that the reason for rising prices despite the excess supply is speculation. She says "oil tomorrow is worth more than oil today," and that companies are not selling their excess but rather "waiting for it to garner more money".

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