Saudi Arabia says it will call a summit of oil producers and consumers in an effort to stem the surge in the price of oil.

The world’s biggest producer said recent rises, including the record $10 leap on Friday, were not justified by market fundamentals and it would work with Opec to guarantee supplies.

BP meanwhile, claimed that soaring prices and instability were being caused by a lack of supply. It blamed high taxes in producer countries. Tony Hayward, chief executive of BP, told an oil and gas conference in Kuala Lumpur: “The taxes governments take from the oil and gas industry have continued to increase across the world. I believe this is unsustainable and counterproductive. All it means is that you have less money to invest in new production.”

What about the $50bn your company has spent buying back its own shares over recent years, Tony? That is money you could have invested in renewables instead…