Several world leaders and dignitaries have applauded the outcome of the recent Jeddah Energy Meeting held under the patronage of King Abdullah, Custodian of the Two Holy Mosques. In separate statements, all of them hailed the outcome of the meeting, Saudi Press Agency (SPA) said. In a message to King Abdullah soon after the meeting, Russian President Dmitri Anatolyevich Medvedev said Saudi-Russian political cooperation was instrumental in maintaining stability in world energy market. He also lauded cooperation between the two countries in resolving several international and regional issues. In Washington, World Bank President Robert Zoellick said the global financial institution will work with the Kingdom to find best possible means of supporting King Abdullah's initiative to provide energy assistance to poor and developing countries. King Abdullah announced the allocation of $500 million from the Saudi Fund for Development (SFD) as soft loans to poor countries to enable them to meet their energy requirements. “King Abdullah has asked the World Bank to organize a conference of donor countries and the international development organizations to activate his initiative and make energy available for the poor,” Zoellick said. The White House welcomed Saudi Arabia's willingness to increase its oil production, if needed. Australian Prime Minister Kevin Rudd described the meeting as the right step in the right direction. At the end of Jeddah Energy Meeting, the Kingdom, International Energy Agency, the International Energy Forum and the Organization of Petroleum Exporting Countries issued a joint statement lauding King Abdullah's efforts to control the steep hike in oil prices. Participants also noted that current oil prices and their volatility were detrimental to the global economy and, in particular, the economies of least
