RIYADH, Nov 19: The world’s top energy producers, under pressure to meet global demand, called instead on Saturday on leading consumer states, mainly in Europe, to cut taxes on oil to alleviate hikes in prices.

The Organization of Petroleum Exporting Countries, which supplies about 40 per cent of world oil, and heavyweight member Saudi Arabia, made the call at the opening of the permanent seat of the International Energy Forum in Riyadh.

Saudi King Abdullah vowed to continue to provide enough supplies, but called on leading consumer states to cut taxes on petroleum products.

“The policy of the kingdom is based on reaching a reasonable and fair price for oil and to provide enough supplies to all the consumers,” he said at the opening, which was accompanied by a forum on the energy industry.

“But all the efforts of the producing countries will not bear fruits if they are not met with a positive position by the main consumer states,” he said.

“These states should alleviate the ordeal of their citizens by cutting taxes on petroleum products when prices increase,” he said.—AFP