Berlusconi calls for oil speculation cap

| Tue, 07/15/2008 - 03:22

Premier Silvio Berlusconi on Monday called for an urgent meeting between oil-producing nations and their customers in order to put a limit to market speculation.

Speaking on the sidelines of the Mediterranean Union summit here, the prime minister said he was ''absolutely certain'' that financial speculation played a role in the rising price of fuel, ''and consequently on the price of food''.

''Oil-producing countries need to meet with institutions and consumer countries, the United Nations and the European Union, to put a limit to speculation which, at the end of the day, is not even advantageous for the producer countries since it can only speed up the move towards nuclear power,'' he said.

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